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.
When the placement was completed on Oct 31, 2017, the company deposited the S$33.4 million of net proceeds into the escrow account.
That S$33.4 million figure shows up in a few places. Earlier this month, Allied...