On April 20, 2023, IOUpay Limited announced that it has sent a letter to the shareholder that the actions taken by the Board to investigate the suspected fraud against the Company, and to recover the misappropriated funds. In addition, the Board notes the following important points. (a) Kenneth Kuan is suspected on strong grounds of involvement in a significant fraud against the Company.

(b) The Board is taking all possible action to investigate the fraud, and to recover the missing assets. (c) Kuan is now working with Clee in its attempt to remove the Board. (d) Last year Clee made a baseless demand for a cash payment of $1.25 million, which was rejected by the Board.

The Board strongly recommends that all shareholders vote against all resolutions put forward by Clee at the upcoming EGM.