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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

Vivienne Tay

Published Fri, Apr 8, 2022 · 05:50 AM

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.