ABOUT S$33 million of missing funds that belonged to Allied Technologies were taken out of an escrow account managed by JLC Advisors, possibly at the instruction of the law firm's managing partner, Jeffrey Ong Su Aun, Allied Tech said on Thursday evening in a filing on the Singapore Exchange.
"At all material times, JLC's managing director, Mr Ong Su Aun, Jeffrey, had repeatedly represented to the company that the release of the escrow funds would be forthcoming, and had never once stated that the escrow funds were missing, that it had already been paid out or that JLC would not comply with the company's request to release the escrow funds in accordance with the escrow agreement," Allied Tech said.
Allied Tech said in the SGX announcement that the amount stated as held by JLC on escrow is incorrect. The company said that Allied Tech executive director Kenneth Low Si Ren and independent director Lim Jin Wei are the joint signatories for any disbursements of funds from the escrow account, and both directors have confirmed that they have not given any instructions to release the escrow monies save for the demand of repayment on March 23.
Separately, Annica Holdings said on Wednesday night that Mr Ong had on May 20 tendered his resignation – via e-mail – as acting non-executive chairman and independent director from the company with immediate effect. Mr Ong cited"personal reasons" for his sudden departure.