Jeffrey Ong implicates Allied Tech executive director and investor in misappropriation case
His affidavit accuses Kenneth Low Si Ren and investor Lin Tah Hwa of round-tripping and sham transactions involving firm
Singapore
JLC Advisors former managing partner Jeffrey Ong Su Aun named executive director Kenneth Low Si Ren and investor Lin Tah Hwa of Catalist-listed precision engineering firm Allied Technologies as being responsible for the misappropriated funds that grabbed headlines two years ago.
The former lawyer, in his affidavit to support his bail review application, claimed that there were round-tripping and sham transactions involving Allied Tech driven by Mr Low and Mr Lin in 2017 and 2018, with many of these transactions not substantiated by actual flow of funds as they were merely accounting entries to set off against some sale of assets.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results