Allied Tech independent directors assisting in CAD probe

THE Commercial Affairs Department (CAD) is pressing on with its investigation into the affairs of Allied Technologies, and has sought assistance from two of its independent directors, the Catalist-listed firm said last Friday.

Pok Mee Yau and Lim Jin Wei will be providing assistance to the commercial crime police, Allied Tech said. Ms Pok was a partner at legal firm JLC Advisors before she quit last year.

In May last year, the board of Allied Tech had lodged a police report requesting an investigation into JLC Advisors and its managing partner Jeffrey Ong Su Aun for potential offences, after S$33 million of funds that the company had parked with JLC Advisors went missing, while Ong's whereabouts were unknown.

Ong has since been slapped with 26 charges, after been arraigned last October on four fresh counts, including the most serious offence of criminal breach of trust.

As part of its investigations, the CAD has seized documents from Allied Tech relating to the company and three of its subsidiaries, as well as the JLC escrow account.

CAD has also interviewed Allied Tech's executive director Kenneth Low Si Ren, and sought assistance from chief executive officer Clement Leow Wee Kia and chief financial officer Ong Lizhen.

As at last Friday, the CAD had not disclosed to the company any further details of its investigation.

Allied Tech said it intends to cooperate fully with CAD on the investigation.

Trading in Allied Tech shares has been suspended since early May, amid concerns raised by auditor Ernst & Young over the company's financials.