SOCIAL media company YuuZoo Networks Group on Thursday said that the contract it had signed for the Nordic Sport Town project in Harbin, China has been lost as a result of YuuZoo's inability to raise funds, due to the continued share trading suspension and the misuse of company funds by a former employee.
Under the framework agreement, YuuZoo agreed to develop an 85 hectare-large river-fronting area in Harbin. It further announced that the money which the Inland Revenue Authority of Singapore had seized last year has been returned after being held for more than one year, and that the funds would be used to pay salaries and expenses related to the project in Harbin.
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