Allied Tech said it took action after JLC on Wednesday wrote to Allied Tech saying it has reasons to believe that the payout, instructed by Ong, “might have been unauthorised”. The law firm also told Allied Tech it is investigating the matter and has reported the matter to the authorities.
SINGAPORE (May 24): Precision engineering firm Allied Technologies said in a regulatory filing on Thursday it will file a police report over an unauthorised payout of $33 million from its escrow account held with law firm JLC Advisors.
Allied Tech also wants JLC to provide documentary evidence and a statement of accounts of the escrow funds as well as to update it as to the whereabouts of JLC managing director Jeffrey Ong Su Aun.
