SINGAPORE (May 30): Allied Technologies says the Commercial Affairs Department (CAD) has seized information, records and documents on the group and its subsidiaries – as well as on its escrow account with JLC Advisors, from which some $33 million is alleged to have gone missing.
The group’s subsidiaries involved are namely: Asia Box Office, Activpass Holdings and Allied Technologies Holdings.
Allied Tech’s executive director Kenneth Low Si Ren was subsequently called to attend an interview on Tuesday evening at CAD’s offices, where his mobile phone and laptop were retained for “investigation purposes”.
He surrendered his passport to CAD a day later to assist in the investigation as well.
In an aftermarket filing on Wednesday, Allied Tech says it intends to cooperate fully with CAD on its investigation, as will Low.
Low is among the three directors recused from all decisions and recommendations of Allied Tech’s board, including acting as signatory to the accounts of the group and its subsidiaries.
See: Annica chairman Ong quits just as JLC senior partner goes missing with $33 mil of clients' money
See: Allied Tech's $130 mil purchase of dorm operator aborted amid news of missing funds
Shares in Allied Tech last traded at 1.1 cents on May 2 before the group called for a trading halt and subsequently, suspension.
