The arrest warrant issued for Finnish businessman, Thomas Zilliacus, in Singapore has sparked suspicions of hints in Singapore about the conclusion of Zilliacus’s possible damages claim. This comes amidst an increasing trend in many Asian countries to strengthen their rights, as reported by HS economic reporter Juha-Pekka Raeste.
This situation was instigated by an unfounded accusation made by a dismissed employee of Yuuzoo, Zilliacus’s company. The employee alleged that there were inaccuracies in the revenue recognition of license income, which supposedly violated local securities market law.
Following this, the Singapore Stock Exchange initiated an investigation. In 2019, Yuuzoo’s operations were suspended until funding ceased.
Zilliacus has always maintained that this was a strategic move to tarnish his company’s reputation and aid the success of another Singaporean company operating within the same market. This company desired to merge social media, commerce, and online gaming similar to Yuuzoo’s objectives.
According to information obtained by HS, Zilliacus has consulted lawyers regarding who should be the subject of any legal actions or claims for damages. The Singapore government, the Singapore stock exchange, or a large international consulting company hired by the Singapore stock exchange could be potential targets. The latter provided incorrect information about Yuuzoo’s case to the authorities.
The most likely course of action would be to sue the consulting company in Western courts. In such cases, specialized law firms usually investigate the case thoroughly before agreeing on the distribution of potential damages with the investors financing the legal costs. This is due to legal costs often escalating to tens of millions of euros.
Legal proceedings are typically not initiated unless investors consider the chances of winning the case sufficiently high. This reflects Zilliacus’s reputation for being ambitious, illustrated by his recent talks of purchasing the Manchester United football team and forming a consortium to buy a renowned Italian football team.
However, it would be a bold move for Zilliacus to sue the Singapore government, its stock exchange, or its consulting company. Such an action could disrupt the country’s unwritten laws about what is permissible.
Justice should not solely be sought in Singapore. This was evident when Bloomberg reported that the Singaporean police had contacted Interpol due to an international wanted notice.
These developments give rise to suspicions of hints in Singapore about the completion of Zilliacus’s possible damages claim. It would be logical for Singapore to retaliate strongly against Zilliacus’s actions.
Despite Zilliacus having solid grounds for a damages claim, overcoming this challenge could be a daunting task. Concepts of the rule of law vary across countries. In many Asian countries, the law favors the stronger party. It may prove difficult for Zilliacus to obtain justice in Singapore, but it’s more feasible in a western democracy.
On Wednesday evening, Thomas Zilliacus informed Helsingin Sanomat that he will share his stance on Thursday after consulting with his lawyers.
