CAD seizes Allied Tech documents, interviews exec director Kenneth Low

Singapore

ALLIED Technologies executive director Kenneth Low Si Ren has been called in by the commercial crime police to help with investigations into the affairs of the company and its subsidiaries.

The company said in a Singapore Exchange filing on Wednesday night that the Commercial Affairs Department (CAD) had also seized information, records and documents from its premises and those of its subsidiaries on May 28.

It said the information seized relates to the Catalist-listed precision engineering company and its subsidiaries - Asia Box Office, Activpass Holdings and Allied Technologies Holdings - as well as an escrow account with JLC Advisors LLP, from which some S$33 million of Allied Tech's funds are said to have gone missing.

The JLC managing partner who allegedly made unauthorised payouts from the account, Jeffrey Ong Su Aun, has been uncontactable since around May 17, but in a strange twist has been notifying companies of his resignation as their independent director.

Allied Tech has previously said that Mr Low, 31, was involved in transactions relating to Asia Box Office, an event ticketing solutions provider that it acquired in April 2018.

The company's statement on Wednesday said the CAD had asked Mr Low to attend an interview at the CAD on Tuesday evening, adding that it was also informed by Mr Low that the CAD had retained his mobile phone and laptop for investigation purposes. Mr Low on Wednesday also surrendered his passport to the CAD as part of the investigation.

Allied Tech said: "As at the date of this announcement, CAD has not disclosed to the company any further details of its investigation. The company intends to cooperate fully with CAD on the investigation."

As announced on May 25, Mr Low will continue to recuse himself from all decisions and recommendations of the board and will not act as signatory to the accounts of the company and its subsidiaries. The company added: "He will also cooperate and assist in investigations."

It said it will continue to provide further updates to shareholders on subsequent material developments.

This comes after Allied Tech adjourned an extraordinary general meeting - to ratify its acquisition of a 51 per cent stake in Activpass Holdings - till after an upcoming special audit has been completed.

The special audit relates to concerns flagged by the company's independent auditor on several matters, including the escrow account. The Singapore Exchange Regulation later ordered Allied Tech to expand its scope to include developments surrounding the S$33 million missing escrow funds and the progress of its attempt to recover the money.

Allied Tech shares last traded at 1.1 Singapore cents on May 2. The company requested a trading halt on May 3, then recommended on May 8 that it be converted to a voluntary trading suspension.

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