Ringfencing of clients' funds beyond conveyancing may not be necessary: lawyers

Singapore

THE unfolding story of Allied Technologies' missing funds has raised the question of whether protections against lawyers making off with clients' money should be extended beyond the conveyancing practice. But legal authorities and lawyers pointed to existing safeguards, in response to queries from The Business Times.

Listed precision engineering firm Allied Tech said on Thursday evening that about S$33 million of its funds had gone missing from an escrow account managed by JLC Advisors, with the latter's managing partner Jeffrey Ong now incommunicado.