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CAD seizes documents from Allied Tech, interviews executive director
THE Commercial Affairs Department (CAD) seized information, records and documents from the premises of Allied Technologies and its subsidiaries on May 28, with Allied Tech executive director Kenneth Low Si Ren asked to attend an interview at the CAD that evening, the company said in a Singapore Exchange filing on the night of May 29.
The information seized by CAD relates to the 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 Technologies' funds are said to have gone missing. Allied Tech previously announced that Mr Low was involved in transactions relating to Asia Box Office.
On Wednesday, Mr Low informed the company that the CAD had, on the previous day, retained his mobile phone and laptop for investigation purposes. Mr Low on Wednesday also surrendered his passport as part of the investigation.
"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," said Allied Tech.
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. "He will also cooperate and assist in investigations," said the company.
It added that it will continue to provide further updates to shareholders on subsequent material developments.