SINGAPORE - Former lawyer, Jeffrey Ong Su Aun, was jailed for 19 years on Monday (July 17) after he misappropriated nearly $76 million of his clients’ money. This included more than $33 million that a company called Allied Technologies had agreed to escrow with his then firm. On Monday, the prosecution said he enjoyed a personal benefit of more than...
SINGAPORE - Former lawyer, Jeffrey Ong Su Aun, was jailed for 19 years on Monday after he misappropriated nearly $76 million of his clients’ money.
Escrow is an essential service in capital markets that supports transactions such as mergers and acquisitions. Some of the money was paid out to Asia Box Office, a subsidiary of Allied Technologies, Mr Lim Tah Hwa - also known as Lin Tah Hwa - who was then a substantial shareholder of the company, and Platform Capital Asia.
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