A Corporate Reboot or a Sinking Ship? 4 Shocking Revelations from One Company’s Financial Report

Introduction:

The latest report from Oceanscape International Limited (formerly known as V2Y Corporation Limited) reads less like a financial statement and more like a thriller, telling a dramatic story of chaos, crisis, and radical reinvention. Buried within its tables and footnotes is a narrative of a company on the brink, undergoing a transformation so extreme it’s hard to believe. Here are the four most shocking and impactful takeaways from a financial report that reveals a company attempting a monumental corporate reboot.

1. The Entire Senior Management Team Vanished

In the world of publicly listed companies, leadership stability is paramount. That’s what makes the first revelation so stunning: the company’s entire senior leadership team disappeared almost overnight.

Just after the close of the reporting period, in October 2025, the company saw a mass exodus from the C-suite. According to the report’s footnotes, the following key figures resigned in quick succession:

• The chief executive officer
• The Executive Director
• The Non-Executive and Independent Chairman
• The Group Financial Controller

For a company’s top three leaders to depart almost simultaneously is exceptionally rare and dramatic. But for the head of finance to also resign with immediate effect suggests a level of internal breakdown that goes far beyond a simple management shuffle. Such a complete turnover typically signals profound internal turmoil or a crisis so deep that the existing leadership is either forced out or sees no viable path forward. It was the first and clearest sign that this was no ordinary quarter.

2. The New Team Had to Write This Report with Incomplete Records

The consequences of the entire leadership team vanishing became shockingly clear when the new team discovered they had nothing to work with. The newly appointed board and management team had to compile this crucial financial report for shareholders and regulators under almost impossible circumstances.

A footnote in the report contains a truly astonishing admission:

…the current Directors and management were not provided with the full records of the Company, including the Company’s financial records.

This means the new team had to assemble the company’s financial picture on a “best-efforts basis,” piecing together information without a complete set of books or a proper transfer of knowledge from their predecessors. This is a significant red flag, speaking to a level of internal breakdown that adds a layer of unprecedented difficulty and uncertainty to an already precarious situation.

3. They’re Scrapping Their Old Businesses to Start from Scratch

With the old guard gone, the new leadership is not just changing course—they are abandoning the ship’s original destinations entirely. The company has made the radical decision to exit its core businesses and pivot to completely new, unrelated industries.

First, the company disposed of its entire loss-making Food & Beverage (F&B) business segment in the second quarter of 2025. Now, it is planning to exit its Insurtech business, which has been losing money for three straight years. Crucially, the report reveals that the Insurtech business was already inactive in 3QFY2025. This wasn’t a strategic wind-down; the company’s only remaining operation had already ground to a complete halt.

The result of this strategic demolition is stark: in the third quarter of 2025, the company’s continuing operations generated zero revenue. The pivot wasn’t just a choice—it was a necessity born from the collapse of its existing businesses.

From this empty slate, the new management plans to build a completely new company focused on two unrelated sectors: renewable energy and commodities trading. This is the definition of a high-risk, high-reward strategy. It’s not a pivot; it’s a complete teardown and rebuild of the corporate identity, betting everything on new markets where the company has no established track record.

4. A S$20 Million Personal Bet from the New Chairman is the Only Thing Keeping the Lights On

A company with no revenue, negative equity, and a history of losses needs more than a new strategy to survive—it needs cash. This brings us to the final, and perhaps most critical, revelation.

The company’s financial position is dire. As of September 30, 2025, it had negative equity of S$789,000, meaning its total liabilities exceeded its total assets. This precarious state had already prompted its auditor to issue a “going concern” warning for the latest audited financial statements for the financial year ended 31 December 2024—a formal notice that the company may not be able to meet its financial obligations. The company was on shaky ground long before this quarter’s drama unfolded.

The solution came in the form of a massive personal commitment from the new Interim Executive Chairman, Mr. Lang Jinjun. He has provided a financing commitment of up to S$20 million to keep the company solvent. This lifeline is structured as:

• An interest-free loan of S$15 million
• A convertible loan of S$5 million

This is a powerful move. On one hand, it’s a critical lifeline without which the company’s future would be in extreme doubt. On the other, it represents an enormous vote of confidence from the new chairman, who is personally funding the company’s ambitious and risky transformation.

Conclusion: A High-Stakes Bet on a New Beginning

When pieced together, these four revelations paint a picture of a company engaged in a monumental corporate gamble. A complete management wipeout, a chaotic handover with missing records, a strategic pivot from a base of zero revenue, and a massive personal investment from the new chairman to fund the reboot.

This is a story of a company not just turning a page, but closing the book on its past to write an entirely new one. Is this the beginning of a legendary turnaround story, or a final, desperate roll of the dice? Only time will tell if Oceanscape International can navigate these turbulent waters and reach a new shore.

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