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

JLC partner says monies were paid out to different persons and entities over period in question on Jeffrey Ong's instructions

Catalist-listed precision engineering firm Allied Technologies on Wednesday night responded to Singapore Exchange (SGX) RegCo queries on the flow of funds from its escrow account with law firm JLC Advisors.


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.

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