SINGAPORE (May 27): Allied Technologies says three of its directors have recused themselves due to conflicts of interest related to the missing $33.2 million from its escrow account held by law firm JLC Advisors.
Two of them are independent directors, Karen Pok Mee Yau and Lim Jin Wei.
See: Law Society moves to take control of money held with JLC
In its filing on Saturday, Allied Tech says Lim was a signatory to the escrow account with JLC since its establishment. Pok is also a partner at JLC. Therefore, both would not act as signatories to accounts of Allied Tech and its subsidiaries subsequently.
Another executive director, Kenneth Low Si Ren, has been recused due to his involvement in transactions relating to Platform Capital Asia (Singapore) and e-commerce ticketing platform Asia Box Office, which Allied Tech bought a 51% stake for $30 million last year.
To recap, news of some $33 million in funds belonging to Allied Tech has said to gone missing from its account at JLC Advisors.
In its latest update, the group says it has not received any news from JLC regarding the whereabouts of its partner, Jeffrey Ong, who went incommunicado along with the funds.
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
Allied Tech shares last traded at 1.1 cents on May 2, before it requested for a trading halt on May 3 and recommended on May 8 that the trading halt be converted to a voluntary trading suspension with immediate effect.
