Given his abrupt departure from Annica, Ong is now banned from taking up directorships or executive positions at all Singapore listed companies.
SINGAPORE (May 27): Jeffrey Ong, managing partner of law firm JLC Advisors, may have given instructions to pay out a sum of $33.2 million held in escrow by his firm for a client, Allied Technologies. According to Allied’s statement filed with Singapore Exchange on May 23, the payment may have been “unauthorised”, citing a letter it received from JLC on May 22. Allied’s statement did not specify who the payment was made to.
Ong also abruptly resigned as non-executive chairman of Annica Holdings on May 20. In a May 22 filing with SGX, Annica CEO Sandra Liz Hon Ai Ling said Ong resigned via email with immediate effect, citing “personal reasons”. Stamford Corporate Services, Catalist-listed Annica’s continuing sponsor, was unable to contact Ong to arrange an exit interview.
