Missing lawyer resigns from directorships

Singapore

WHILE JLC Advisors' managing partner Jeffrey Ong Su Aun remains incommunicado, the 41-year-old lawyer at the centre of the Allied Technologies' missing S$33 million escrow fund saga has been actively contacting companies to tender his resignation as their independent director.

Mr Ong resigned with effect from May 20 as an independent non-executive director at Hong Kong-listed CW Group Holdings, giving the reason that he wishes "to devote more time to his personal affairs".

In its regulatory announcement on May 24, the precision engineering and renewable energy solutions provider headquartered in Singapore did not state the manner in which Mr Ong tendered his resignation.

This came after Catalist-listed Annica Holdings' announcement on May 22 that Mr Ong had quit on May 20, tendering his resignation - via e-mail - as acting non-executive chairman and independent director from the company with immediate effect. He cited "personal reasons" for his sudden resignation.

Senior partner of JLC Advisors Vincent Lim told The Business Times on May 24 that Mr Ong had not turned up at the office since a week ago, placing his disappearance at around May 17.

BT has tried contacting Mr Ong via his mobile number and e-mail address but was unable to reach him.

A later filing by Annica on May 24 clarified that it was not aware of the developments at Allied Tech. According to that filing, Mr Ong holds 81.9 million shares in Annica, awarded under the company's share performance plan. The company's shares closed flat at 0.1 Singapore cent last Friday.

Meanwhile, JLC Advisors' salaried partner Karen Pok Mee Yau and an independent director at Allied Tech, have been told - along with the company's two other directors - to recuse from all decisions and recommendations of its board.

As announced in a regulatory filing by Allied Tech on May 25, citing conflict of interest for these decisions of the nominating committee, Ms Pok, executive director Kenneth Low Si Ren and independent director Lim Jin Wei are also not to act as signatory to the accounts of the Allied Tech group.

Mr Lim has been a signatory to the escrow account with JLC Advisors since it was established, while Mr Low was involved in transactions relating to Asia Box Office - an event ticketing solutions provider that Allied Tech acquired in April 2018 - and Platform Capital Asia (Singapore). The company did not elaborate what the Asia Box Office and Platform Capital Asia (Singapore) transactions have to do with the recusal decision.

Allied Tech made a police report against JLC Advisors and Mr Ong on May 24 over "potential offences committed". The company was notified by JLC Advisors on the afternoon of May 22 that the funds of some S$33 million that it held with JLC Advisors have been paid out from the escrow account, and that JLC Advisors has reasons to believe that they were paid out on the instructions of Mr Ong and might have been unauthorised.

BT was told on Sunday that police investigations are ongoing.