SINGAPORE (May 24): The Law Society of Singapore is taking control over all monies held by law firm JLC Advisors on behalf its clients and third parties.
This rare move by the legal fraternity’s governing body comes after Jeffrey Ong Su Aun, managing partner of JLC, went incommunicado, along with some $33 million belonging to its client Allied Technologies.
See: Allied Tech files police report over unauthorised $33 mil payout by JLC MD Ong
The money was held in escrow by JLC under an escrow agreement made in 2017. Since then, the bulk of Allied Technologies’ board of directors have been replaced, except for one independent director.
The Law Society will next conduct an investigate audit on the client accounts of JLC.
“In carrying out this audit, the Law Society will inquire into all the facts and circumstances surrounding the operation of JLC’s client accounts, and the role played by Ong,” said the Law Society and SGX RegCo in a joint statement on May 24.
The statement did not specify the total amount of money now held by JLC on behalf of other clients.
Ong has also been banned by SGX RegCo from holding a directorship or management role in any SGX listed company.
Besides running JLC, Ong was also chairman of another listed company Annica Holdings.
He abruptly resigned from Annica on May 20 via email.
See: Annica chairman Ong quits just as JLC senior partner goes missing with $33 mil of clients' money
Annica is one of the dozen or so companies whose board and management have known links to John Soh Chee Wen, alleged mastermind of the 2013 penny stock saga.
Annica announced Ong’s resignation on May 22.
On May 24, CW Group Holdings, a company now being liquidated, also announced that Ong has resigned as its director with effect on May 20.
