Allied 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.Allied Tech's board, which filed the announcement with the Singapore Exchange yesterday, has also lodged a police report requesting an investigation into JLC Advisors and its managing partner Jeffrey Ong Su Aun for potential offences committed.
In its announcement, Allied Tech said it was acting on the recommendation of its nominating committee in recusing Ms Pok, Mr Kenneth Low Si Ren and Mr Lim Jin Wei. The board said in the statement that the three directors shall not act as signatory to the accounts of the company and its subsidiaries.The company also said it had on May 23 - through its lawyers from Rajah & Tann - asked JLC to provide a statement of accounts of the escrow funds, confirmation as to when it discovered that the monies had been paid out and to whom, as well as an update on the whereabouts of Mr Ong.
At the same time, SGX RegCo has directed Catalist-listed Allied Tech to expand the scope of its upcoming special audit of the company to include developments surrounding the missing funds and the progress of its attempts to recover the money.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Source: The Straits Times - 🏆 8. / 63 Read more »
Allied Tech's missing S$33m: Law firm says partner Jeffrey Ong may have ordered withdrawalABOUT 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. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
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.
Source: BusinessTimes - 🏆 15. / 51 Read more »
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...
Source: thenewpaper - 🏆 7. / 63 Read more »
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. Lawyers? Who can anyone trust them? All are Crooks especially the one who put the blame on a poor innocent dog!
Source: The Straits Times - 🏆 8. / 63 Read more »
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.
Source: BusinessTimes - 🏆 15. / 51 Read more »
What we know so far about the missing lawyer and S$33 millionSINGAPORE — A whopping S$33.2 million was reported missing from the escrow account of Singapore-listed engineering firm Allied Technologies on Thursday (May 23).
Source: TODAYonline - 🏆 1. / 99 Read more »
What we know so far about the missing lawyer and S$33 millionSINGAPORE — A whopping S$33.2 million was reported missing from the escrow account of Singapore-listed engineering firm Allied Technologies on Thursday (May 23). Dodgy as hell to put that much $ in such a small law firm's account...
Source: TODAYonline - 🏆 1. / 99 Read more »