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
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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.
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