SINGAPORE — The unfolding case of a missing $33.2 million from Singapore-listed Allied Technologies has turned the spotlight on a little-understood and little-regulated type of account known as an escrow account. The money was being held in such an account at a legal firm before it disappeared.
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Uncontactable lawyer and missing $33 million: Allied Tech recuses three directors for conflict of interestSINGAPORE - Allied Technologies recused three directors from all decisions and recommendations by its board because of conflict of interest in relation to the missing $33 million held in escrow by law firm JLC Advisors.. Read more at straitstimes.com.
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JLC lawyer told repeatedly to return S$33m before going incommunicadoFOR two months before going incommunicado, Jeffrey Ong Su Aun - the senior lawyer in the middle of the case of S$33 million of missing funds - fended off requests from his client Allied Technologies to return the money. Read more at The Business Times.
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Lawyer uncontactable after $33 million payout of client's moneyA missing sum of around $33 million belonging to Allied Technologies and held by law firm JLC Advisors in an escrow account is believed to have been paid out on the instructions of its managing partner Jeffrey Ong Su Aun, who has been uncontactable for days. In a statement...
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Law Society to probe for lawyer misconduct at JLC Advisors over missing $33 millionSINGAPORE -The Law Society on Friday (May 24) said it will conduct its own investigative audit on the client accounts of law firm JLC Advisors, from which $33 million belonging to engineering firm Allied Technologies has gone missing. It has also seized control of all monies held by JLC, including those being held on behalf of its clients or third parties.. Read more at straitstimes.com.
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Allied's missing S$33m and questions about the escrow accountALLIED Technologies' revelation that about S$33 million of cash held in escrow with law firm JLC Advisors had gone missing raises questions about why that account existed for so long, and how the account held as much as it did. Read more at The Business Times.
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Allied Tech recuses three directorsAllied Technologies has recused three directors from all decisions and recommendations by its board because of conflict of interest in relation to the missing $33 million held in escrow by law firm JLC Advisors.. Read more at straitstimes.com.
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Jeffrey Ong has been contacting firms to tender resignation even as he remains incommunicadoWHILE JLC Advisors' managing partner Jeffrey Ong Su Aun remains incommunicado, the 42-year-old lawyer at the centre of the Allied Technologies' missing S$33 million escrow fund saga has been actively contacting companies where he was holding a board seat to resign from directorship. Read more at The Business Times.
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Allied Tech adjourns EGM till completion of special auditCATALIST-LISTED precision engineering firm Allied Technologies, which recently made headlines over its missing S$33 million escrow funds, will not be holding its extraordinary general meeting (EGM) on June 4 as scheduled. Read more at The Business Times.
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Allied Tech executive director in S$129m fast property flipKENNETH Low Si Ren, the executive director of Allied Technologies, is believed to have made a quick flip of a parcel of office and retail space in Thong Teck Building, selling it to mainboard-listed Top Global for S$129.5 million. Read more at The Business Times.
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Top Global 'still evaluating' options to purchase office-retail units from Allied Tech directorIN A bourse filing during Wednesday’s midday break, mainboard-listed property group Top Global confirmed that it has been granted options to purchase strata units within Thong Teck Building. Read more at The Business Times.
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CAD seizes documents from Allied Tech, interviews executive directorTHE Commercial Affairs Department (CAD) seized information, records and documents from the premises of Allied Technologies and its subsidiaries on May 28, with Allied Tech executive director Kenneth Low Si Ren asked to attend an interview at the CAD that evening, the company said in a Singapore Exchange filing on the night of May 29. Read more at The Business Times.
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