Finnish businessman still interested in Inter Milan despite Singapore troubles

Yuuzoo Networks

22/02/2024 14:47

By Anne Kauranen
       HELSINKI, Feb 22 (Reuters) - Finnish businessman Thomas
Zilliacus said on Thursday he remained interested in bidding for
Italian soccer club Inter Milan despite a warrant for his arrest
issued by police in Singapore that he described as
"incomprehensible".
    Singapore police on Wednesday issued arrest warrants for
Zilliacus, a former CEO of Singaporean e-commerce firm Yuuzoo
 YUUZ.SI , and four other former Yuuzoo executives over alleged
"misleading statements in the company's financial reports".
    The police alleged that financial reports released by YuuZoo
in 2015 and 2016 overstated the company's revenue by $4.6
million to $18.8 million.
    Zilliacus told Reuters he had been cooperating with police
in Singapore since investigations started in 2018, and described
the arrest warrant as "incomprehensible". 
    "We sold technology and got shares in return for it, not
money," he said, adding the investigation was about how the
share value should have been calculated under Singapore's market
rules.
    "We used the best consultants you can imagine. We had a new
business model so we wanted to make sure that we were reporting
everything in full compliance," he said.
    Zilliacus said he last communicated with police in Singapore
on Feb. 15 about the case and remained available remotely but
was unable to fly to Singapore because he was suffering from
long-COVID. 
    Zilliacus, a former Asia head of technology company Nokia, 
last year pursued a potential deal for English soccer club
Manchester United, before dropping out of the running to focus
on Inter Milan. 
    He told Reuters he was still interested in a deal with the
Italian club despite the arrest warrant.
    Inter Milan's Chinese owner, Suning Holdings, last year
denied a sale of the club was in the works.
    Earlier this week, two people familiar with the matter told
Reuters that Oaktree Capital Management  OAK_pa.N  was working
to extend a 275 million euro ($298 million) loan to Inter Milan
before it expires in May.

 (Reporting by Anne Kauranen in Helsinki
Additional reporting by Xinghui Kok in Singapore
Editing by Mark Potter)
 ((anne.kauranen@thomsonreuters.com; +358401895560;))