Probe into missing S$33m: Police seize documents, call up engineering firm’s executive director
Police seized documents from Allied Technologies' subsidiaries, including Allied Technologies Holdings, where its office is located at Vision Exchange on 2 Venture Drive in Jurong East.
SINGAPORE — Officers from the Singapore Police Force’s Commercial Affairs Department on Tuesday (May 28) seized information, records and documents relating to Allied Technologies and its subsidiaries, the engineering company whose S$33.2 million sum from its escrow account went missing said on Wednesday.
Information relating to the escrow account with law firm JLC Advisors was also seized, Allied Technologies said in a Singapore Exchange filing on Wednesday.
Allied Technologies’ executive director Kenneth Low was asked to attend an interview at CAD, whose officers retained his mobile phone and laptop, on Tuesday evening.
Mr Low has also surrendered his passport, Allied Technologies said.
The latest developments come about a week after the engineering firm said it was making a police report. This was after it was told by JLC Advisors that S$33.4 million from its escrow account may have been paid out under the instruction of a senior lawyer, Jeffrey Ong Su Aun, who has since gone missing.
Escrow accounts are a means for solicitors to safe-keep a buyer’s funds during the sale of property.
In an earlier exchange filing on May 23, Allied Technologies said that despite its repeated demands since March 23, JLC had failed to release the balance escrow funds of S$33.2 million to the company.
Mr Low along with independent director Lim Jin Wei are the joint signatories of the escrow account.
The firm added that both Mr Low and Mr Lim have individually confirmed to its board that they have not given any instructions to JLC for the release of the S$33.2 million.
In another filing on May 25, the company said that Mr Low shall have to recuse himself from all decisions and recommendations made by the company’s board.
This is due to the conflict of interest arising from Mr Low’s involvement in transactions relating to Allied Technologies’ subsidiaries Asia Box Office.
Two independent directors Ms Pok Mee Yau, who is a partner at JLC, and Mr Lim will also recuse themselves.
After news of missing money broke, the Law Society of Singapore (LawSoc) also took the rare step of seizing control of all funds held on behalf of clients or third parties by JLC Advisors.
The LawSoc said it had received “credible information” relating to the conduct of Ong, JLC’s managing partner whose whereabouts are not known.
“As a result of the information disclosed, the Council of the Law Society had reason to suspect dishonesty on the part of Ong,” the LawSoc said in a statement on May 24.
