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The poor auditor has to put up disclaimer report
http://infopub.sgx.com/FileOpen/YZ%20-%20Independent%20Auditors%20Report.ashx?App=Announcement& FileID=526304
No more auditing firm will dare to work for them anymore.
Wondering why and how did SGX approve the reverse takeover of Contel in 2013.
Should the Regulator found something amiss during that stage and block YuuZoo from going thru the backdoor, it would have save a lot of retailers.
Best of all, the key-personel that created all this " mess" is travelling and enjoying his vacation.
World Class First Exchange
The fascinating Magic of Monkey Business..............
YuuZoo' s audited sums show reversal into S$101m net loss
WED, SEP 26, 2018 - 6:51 PM
A NET loss of S$101 million for its fiscal 2017 was reported by beleaguered online media company YuuZoo Networks Group Corporation - formerly known as YuuZoo Corporation - as according to its audited results that were disclosed on Wednesday.
This compared against the net profit of S$2.29 million for the 12 months ended Dec 31, 2017 that the group reported on its unaudited results.
https://www.businesstimes.com.sg/companies-markets/yuuzoos-audited-sums-show-reversal-into-s101m-net-loss
The World' s Greatest Joke....................
2017 (Unaudited) 2017 (Audited)
SGD' 000 SGD' 000
Total income 70,245 18,176
Profit / (Loss) before income tax 3,110 (93,391)
Profit / (Loss) after income tax 2,292 (100,688)
Total comprehensive income / (loss) (2,033) (102,466)
Total assets 106,383 14,478
Total equity 94,092 (6,146)
Total liabilities 12,291 20,624
http://infopub.sgx.com/FileOpen/YZ%20-%20Variances%20Unaudited%20vs%20Audited%20FY2017.ashx?App=Announcement& FileID=526302
Refer to latest announcment " DIFFERENCE BETWEEN UNAUDITED AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017"
No wonder previous CFO keep resigning one by one.
The biggest horror circus on earth featuring SGX, MAS & Yuzoo
A Nightmare on Shenton Way
Published September 07, 2018
By Mak Yuen Teen
It (Yuzoo) now said it had applied to the French courts for &ldquo judiciary recovery proceedings&rdquo following the deterioration of cash flows due to the loss of several major customers. The proceedings commenced on August 28. So much for the S$600 million annual revenue. But perhaps that Harbin project is now in full swing&hellip &hellip
Meanwhile, there has been no further news on the regulatory investigations while the former chairman, who was allowed to travel after posting a bond, has been sighted on Instagram in various exotic locations.
I hope our regulators truly understand that our system is at risk of a catastrophic collapse in confidence, if this has not already happened. I have heard directly from some investors, and some through other market players, about investors giving up on investing in our market. I have never been so worried about the state of our market. Revising the corporate governance code and enhancing the listing rules feels like moving the deck chairs around when the ship is sinking. It is not just a massive debacle like Noble we are talking about, or the cruel joke that is YuuZoo, but a whole string of companies that have engaged in fraud or highly questionable deals, or destroyed massive amounts of shareholder value.
http://governanceforstakeholders.com/2018/09/07/a-nightmare-on-shenton-way/
YuuZoo' s AGM delays unacceptable
Published August 03, 2018
By Mak Yuen Teen
Since its listing in 2014, YuuZoo Corporation (YZ) has never held its AGM on time.
On 2 August 2018, it issued an announcement that it has been notified by SGX that day
that its application for a waiver for an extension to hold its AGM for the financial
year ended 31 December 2017 has not been granted. YuuZoo was supposed to have held
its AGM by 30 April 2018.
In its announcement, YuuZoo said that " the Company and its auditors are still in the
process of finalising the accounts" and that " in relation to the Company' s AGM, it
shall use its best endeavors to hold the same by 14 September 2018" .
Why are the accounts still in the process of being finalised more than 3 months after
the AGM was due? When did the auditors commence its work?
The requirement to hold the AGM within 4 months of the financial year-end is a
requirement of the SGX Rulebook (for other listed companies that are incorporated in
Singapore, it is also a requirement of the Singapore Companies Act). Compliance with
rules should not be based on " best endeavours" . Companies and boards must be held
accountable for non-compliance with rules, especially in this case where there is
repeated non-compliance.
I also look forward to an update on the interview that the former executive chairman
was scheduled to have with the Commercial Affairs Department on 4 June. The company
should follow what companies like Raffles United Holdings recently did, by providing
periodic updates when its directors and officers were similarly called up by CAD for
interviews.
https://governanceforstakeholders.com/2018/08/03/yuuzoos-agm-delays-unacceptable/
Monkey business at YuuZoo?
06/07/17, 03:28 pm
SINGAPORE (July 6): Lim & Tan Securities warns investors should &ldquo sell&rdquo or &ldquo avoid&rdquo social media and e-commerce company YuuZoo Corporation despite its depressed stock price.
In a daily review report on Thursday, Lim & Tan says concerns raised by Mak Yuen Teen, an associate professor of accounting at the NUS Business School, suggests that &ldquo all is not well at YuuZoo Corp.&rdquo
https://www.theedgesingapore.com/monkey-business-yuuzoo
National day over, the Company and its auditors are still in the process of finalising the accounts for the financial year ended 31 December
2017.
The next auditing firm will charge them 3x the price or more because they need more than 9 months to do auditing.
Just pay attention when they resume trading, there will be monkey attempting to salvage this, just offload and dont look back. should be able to get a fraction of what u paid for. 5k shares isn' t too bad. I bought 250k @ $0.17. and sold it at $0.16. Managed to recoup some losses by shorting this monkey counter.
jcwc88 ( Date: 05-Jul-2018 11:54) Posted:
i see, so its just a case of it declining by itself.
yeah i am mentally prepared to write off liao
Lurker251 ( Date: 04-Jul-2018 10:20) Posted:
I am sorry, i am just joking with you regarding the stock split. I thought you knew what happened to this counter.
the stock price just simply decline due to creative accounting and allegations of financial fraud.
the revenue and assets reported are highly likely to be non existence. CAD are currently investigating.
very high chance u have to write off your entire investment. This yuuzoo cld really jus be a highly valued shell company with a creative accounting team. |
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i see, so its just a case of it declining by itself.
yeah i am mentally prepared to write off liao
Lurker251 ( Date: 04-Jul-2018 10:20) Posted:
I am sorry, i am just joking with you regarding the stock split. I thought you knew what happened to this counter.
the stock price just simply decline due to creative accounting and allegations of financial fraud.
the revenue and assets reported are highly likely to be non existence. CAD are currently investigating.
very high chance u have to write off your entire investment. This yuuzoo cld really jus be a highly valued shell company with a creative accounting team.
jcwc88 ( Date: 04-Jul-2018 09:51) Posted:
| sorry noob here, but hw does stock split affect me if this counter is not suspended? i look at my stan chart trading acct, and the qty stated is the same as when i bought it in 2015. if i had bought 5k shares back then, it wud be 50k of shares now? |
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Most important question, is the CEO back from overseas?
bigdragon966 ( Date: 04-Jul-2018 12:46) Posted:
| July already, still no annunal report , no AGM. |
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July already, still no annunal report , no AGM.
I am sorry, i am just joking with you regarding the stock split. I thought you knew what happened to this counter.
the stock price just simply decline due to creative accounting and allegations of financial fraud.
the revenue and assets reported are highly likely to be non existence. CAD are currently investigating.
very high chance u have to write off your entire investment. This yuuzoo cld really jus be a highly valued shell company with a creative accounting team.
jcwc88 ( Date: 04-Jul-2018 09:51) Posted:
| sorry noob here, but hw does stock split affect me if this counter is not suspended? i look at my stan chart trading acct, and the qty stated is the same as when i bought it in 2015. if i had bought 5k shares back then, it wud be 50k of shares now? |
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sorry noob here, but hw does stock split affect me if this counter is not suspended? i look at my stan chart trading acct, and the qty stated is the same as when i bought it in 2015. if i had bought 5k shares back then, it wud be 50k of shares now?
Not consolidAtion... stock split 1 for 10.
you buy this counter for passive long term investing ah? Lol anyway doesnt matter liao
next target price 0.00
by the way this counter suspended, you know right
jcwc88 ( Date: 03-Jul-2018 15:52) Posted:
has this share undergone share consolidation before? been holding this stock since 2015 , bought at 0.4
now its 0.038 :( |
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has this share undergone share consolidation before? been holding this stock since 2015 , bought at 0.4
now its 0.038 :(
Best to not trade small and mid caps listing in SGX. tons of creative accounting and magic.
tanchingku ( Date: 02-Jun-2018 22:01) Posted:
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Don't buy SGX stocks... Too many fraudulent listings
destinykraze ( Date: 22-May-2018 20:30) Posted:
It' s not that easy. I was the first to flag out issues with the company. Reviews from glassdoor, ex-employee of Yuuzoo shows that something was amiss. Nobody listened.
I also notice strange trading patterns that looks like wash trading.
It only when Yuuzoo start plunging like crazy, then people realise that I' m right.
Starship ( Date: 19-May-2018 09:59) Posted:
An excellent Businesstimes article for whoever owns any stock at all. A new dawn has arrived for small retail investors.
Small retail investors are no longer just coffeeshop uncles & aunties of past decades.
Nowadays, there are tons of young, savvy investors who research and study deeply into markets and the stocks they buy.
Even the uncles and aunties investors nowadays have decades of experience in the private sector witnessing how the real world of money works.
Retail investors need to unite as one to ensure BB sharks don' t gobble us up like anchovies then laugh all the way to their banks. Whenever we notice BBs setting up baits to hook retail investors, we must not only swim away, but also Warn All Other Retailers Of The Danger.
Greedy BBs will only become extinct when when retailers no longer get hooked.
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