CATALIST-LISTED precision engineering firm Allied Technologies, which recently made headlines over its missing S$33 million escrow funds, will not be holding its extraordinary general meeting on June 4 as scheduled.
The EGM was supposed to ratify the July 2018 acquisition by Allied Tech of 59,415 ordinary shares in Activpass Holdings - representing 51 per cent of the entire issued and fully paid-up share capital of Activpass - from Seow See Keong and Leow Ai Li Amy for S$25.2 million in cash. Allied Tech has to finalise by June 14 the appointment of the special auditor, who is to report solely to the regulator on the scope and all findings of the special audit.
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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.
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Daily Debrief: What Happened TodayAllied Tech's S$130m RTO of dorm operator called off amid news of missing S$33m at law firm, Singapore's headline inflation edges up in April, core inflation eases
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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.
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Jeffrey Ong has been contacting firms to tender resignation even as he remains incommunicadoWHILE JLC Advisors' managing partner Jeffrey Ong Su Aun remains incommunicado, the 42-year-old lawyer at the centre of the Allied Technologies' missing S$33 million escrow fund saga has been actively contacting companies where he was holding a board seat to resign from directorship. Read more at The Business Times.
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Ringfencing of clients' funds beyond conveyancing may not be necessary: lawyersTHE unfolding story of Allied Technologies' missing funds has raised the question of whether protections against lawyers making off with clients' money should be extended beyond the conveyancing practice. But legal authorities and lawyers pointed to existing safeguards, in response to queries from The Business Times. Read more at The Business Times.
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