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Shareholder approval was needed for disposal of Allied Tech's China subsidiaries, says SGX RegCo

Its statement comes after release of special audit report prepared by PwC

Singapore

SHAREHOLDER approval should have been sought for Allied Technologies' disposal of its 2 China subsidiaries, the Singapore Exchange Regulation (SGX RegCo) said late on Wednesday (Apr 6).

Its statement came after the release of a special audit report prepared by special auditor PricewaterhouseCoopers Risk Services (PwC) - engaged to examine the developments surrounding Allied Tech's missing funds held in escrow by law firm JLC Advisors.

The report had found that the version of events told by Jeffrey Ong, the lawyer charged with cheating and other offences in the case, appear to be "plausible explanations" for the gaps in the story told by those involved in the company.

The auditors also found...

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