CAD raids Allied Tech, interviews executive director over missing S$33 million
Allied Technologies’ and its subsidiaries premises were raided by the Commercial Affairs Department (CAD), as part of the agency’s investigation into S$33 million that has gone missing, the precision engineering firm said on Wednesday (May 29).
SINGAPORE: The Commercial Affairs Department (CAD) raided the premises of Allied Technologies and its subsidiaries as part of the agency’s investigation into S$33 million that has gone missing, the precision engineering firm said on Wednesday (May 29).
On Tuesday, information, records and documents relating to Allied Tech and its subsidiaries Asia Box Office, Activpass Holdings and Allied Technologies Holdings, and its escrow account with law firm JLC Advisors were seized by the CAD, the engineering firm said in a statement.
The CAD also interviewed Allied Tech executive director Kenneth Low and confiscated his mobile phone and laptop for investigative purposes, the firm added. Mr Low also surrendered his passport on Wednesday as part of the investigation.
"CAD has not disclosed to the Company any further details of its investigation," it added.
Last week, Allied Tech said in an Singapore Exchange (SGX) filing that it would file a police report over the unauthorised payout of S$33 million from its escrow account on the instructions of a lawyer who has since gone missing.
The escrow account was held by law firm JLC Advisors, who informed Allied Tech that it has reasons to believe that the payout, instructed by managing director Jeffrey Ong, “might have been unauthorised”.
Before its SGX filing, Allied Tech said it had made repeated demands since March for JLC to release the balance of its escrow funds.
The company said it intends to cooperate fully with CAD in its investigations, adding that Mr Low, who has recused himself from the company, will also cooperate and assist in investigations.
It said it will continue to provide updates to shareholders on any developments.