Who is Thomas Zilliacus, the ex-YuuZoo CEO who eyed Man United and now wanted in Singapore?

SINGAPORE: An arrest warrant and an Interpol red notice were issued against Finnish businessman and Singapore permanent resident Thomas Zilliacus over misleading financial reports, said the Singapore Police Force (SPF) on Wednesday (Feb 21).

But how did the former CEO and executive chairman of tech company YuuZoo Corporation go from bidding for English football club Manchester United, to being wanted by the authorities? 

CNA finds out.

Who is Thomas Zilliacus?

The entrepreneur, 68, was born in Finland's capital Helsinki, where he previously dabbled in politics.

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He became the youngest member of the Helsinki City Council in 1979 and was later re-elected as a councilman. He also ran for the National Parliament, but did not get elected, according to the London Evening Standard.

In 1980, he became Nokia’s corporate communications global head, before moving to Singapore in 1986 to spearhead the company’s Southeast Asia branch.

After he left Nokia, Mr Zilliacus founded Mobile FutureWorks, an investment company in mobile media, services, and hardware.

In 2008, he co-founded social media and e-commerce firm YuuZoo, which was listed on the Singapore Exchange (SGX) in 2014.

What made him well-known?

Zilliacus came under the international spotlight when he made a surprise bid for English football club Manchester United in March last year.

Other bidders included British billionaire Jim Ratcliffe, founder of chemicals producer INEOS, and Sheikh Jassim Bin Hamad Al Thani, the son of Qatar's former prime minister.

But Mr Zilliacus eventually dropped out of the third round of bidding a month later, noting on social media at the time that the delays in bidding “will make it very difficult for any new owner to build a winning team for next season”.

In February this year, Mr Ratcliffe acquired a 25 per cent stake in the Premier League club. 

Soon after, Mr Zilliacus told Manchester Evening News that he would like to work with Mr Ratcliffe on giving Manchester United fans a “more immersive experience” through an app his team was working on, and to raise money for the club.

He would be linked to another top European club later months later - Italy's Inter Milan.

According to reports in November 2023, Mr Zilliacus said he was set to make an offer to buy the Serie A side after failing to acquire Manchester United. Earlier this month, he said he had submitted a “100 per cent buy-out bid” worth about £1.2billion (US$1.52 billion).

Mr Zilliacus is no stranger to sports before this, having been chairman of Finnish football club HJK Helsinki from 1982 to 1986. He was also the manager of Singapore football club Geylang International from 1989 to 1995.

He was previously an owner of Finnish ice hockey club Jokerit, until they were sold to Russian investors in 2012, reported The Mirror.

Why was he issued an Interpol red notice? 

SPF said on Wednesday that Mr Zilliacus is wanted over his alleged involvement in the release of misleading statements in YuuZoo's financial reports.

Similar warrants of arrest were issued against the company's chief financial officer Michael Parker and two independent directors Anthony Williams and Ozi Amanat.

The police said that the four men are currently not in Singapore and “have refused to return”.

YuuZoo released several financial reports between 2015 and 2016 that were allegedly misleading, said the police.

The statements allegedly overstated YuuZoo’s revenue by US$4.6 million to US$18.8 million.

What happened to YuuZoo?

In April 2018, YuuZoo had its office raided by Singapore’s Commercial Affairs Department (CAD) for possible breaches under the Securities and Futures Act, reported several media outlets. Documents for the financial years 2013 to 2016 were seized.

Mr Zilliacus resigned in the same month amid the investigations.

In a filing to SGX in April 2018, YuuZoo said that CAD’s investigation was “caused by a complaint from an unknown party”.

“While (Mr Zilliacus) is convinced nobody in the company has done anything wrong, he believes the honourable thing to do is to step aside while the investigation is ongoing.” 

The company was also put under mandatory trading suspension from SGX since Mar 19, 2018, with its Shareholders Association submitting several requests to lift the suspension over the years.

In 2019, Mr Zilliacus called for the company to pay unpaid salaries to staff who were laid off regionally, reported The Business Times.

Its Shareholders Association had said that the trading suspension of YuuZoo's shares meant that the company could not continue funding its subsidiaries, resulting in many retrenched workers in several countries not getting their salaries. 

On Wednesday, another former YuuZooCEO, James Matthew Somasundram, was handed four charges under the Securities and Futures Act in connection with the breaches by the firm.

He was alleged have been negligent in connection with the financial reports of YuuZoo, which is now known as YuuZoo Networks Group, for the final quarter of 2015 and the first three quarters of 2016.