Allied's missing S$33m and questions about the escrow account

Singapore

ALLIED Technologies' revelation that about S$33 million of cash held in escrow with law firm JLC Advisors had gone missing raises questions about why that account existed for so long, and how the account held as much as it did.

The genesis of the account dates back to Oct 23, 2017, when Allied Tech reached an escrow agreement with the boutique law firm. The escrow account was set up while Allied Tech was carrying out a stock placement to raise funds for unspecified acquisitions.