Allied Technologies said Wednesday the Commercial Affairs Department (CAD) of the Singapore Police Force seized Tuesday information and documents related to the company, its subsidiaries and the missing S$33.15 million escrow account.
That was followed by the CAD requesting an interview with Executive Director Low Si Ren Kenneth at CAD’s offices on Tuesday evening, Allied Technologies said in a filing to SGX late Wednesday.
Low informed the company Wednesday that the CAD on Tuesday retained his mobile phone and laptop for investigative purposes, the filing said. On Wednesday, Low also surrendered his passport as part of the investigation, the filing added.
CAD seized documents and information related to subsidiaries Asia Box Office, Activpass Holdings and Allied Technologies Holdings, the filing said.
“CAD has not disclosed to the company any further details of its investigation. The company intends to cooperate fully with CAD on the investigation,” Allied Technologies said.
“Low will continue to recuse himself from all decisions and recommendations of the board and will not act as signatory to the accounts of the company and its subsidiaries. He will also cooperate and assist in investigations,” the company added.
The steps by the CAD followed the company’s statement Tuesday that Singapore law firm JLC Advisors LLP had denied knowledge of Allied Technologies’ demands and communications with JLC’s managing director, Ong Su Aun Jeffrey, over the S$33.15 million missing from an escrow account.
Last week, Allied Technologies said it instructed its legal counsel to lodge a report with the Singapore Police Force over the missing funds. That was after making repeated demands for repayment since 23 March, with Ong repeatedly saying the payment would be forthcoming, without revealing the funds were missing, Allied had said.
Ong did not respond to Shenton Wire’s previous request for comment, which was sent via a LinkedIn message Friday. The Business Times reported last week that Ong has been uncontactable.
JLC has previously said it was believed the funds were paid out on Ong’s instructions and “might have been unauthorized,” according to a filing from Allied last week.
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