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ALLIED TECH to rocket up to 8cents
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peanut
Member |
23-May-2019 23:12
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Your question very powerful and sharp !
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TraderBen
Supreme |
23-May-2019 22:48
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Minus off the 33m. Think not much left
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lukewong82
Master |
23-May-2019 21:51
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Something fishy going on... the police shd investigate ... the auditor already smell a rat liao... Why the money keep with the law firm for no reason and for a long time and with no interest... Then the money is kept with the law firm based on VERBAL instructions.. not fishy meh
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gravity8888
Supreme |
23-May-2019 21:47
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Meaning Allied will be implicated? | ||||
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lukewong82
Master |
23-May-2019 21:37
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JLC drew notice in a Business Times report earlier this month, which said auditors who reviewed the accounts of Catalist-listed Allied Technologies found the manufacturing company had $33.4 million held in trust by the law firm. https://www.singaporelawwatch.sg/Headlines/law-society-intervenes-in-legal-firms-client-account JLC was also holding some $1.09 million, which has since been returned, from Asia Box Office (ABO), a ticketing firm in which Allied Technologies has a majority stake. They raised concerns over the business rationale for maintaining the funds with JLC for a prolonged period, when there was no clear purpose to doing so and no interest generated for Allied Technologies. The auditors also said there is a formal escrow agreement between Allied Technologies and JLC, but that no such agreement existed between ABO and the law firm. " Instead, the trust account is operated by the law firm based on verbal instruction from Allied Tech' s executive director, Mr Kenneth Low. The auditors also flagged that there is credit risk involved, and that the recovery of Allied Tech' s funds remains outstanding to date," said the Business Times report. Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction |
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Berani
Elite |
23-May-2019 20:53
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NAV still got how much .. any idea?
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TraderBen
Supreme |
23-May-2019 20:30
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Jus not too long ago, we were still discussing about the cash more than the market cap. Now no more lol | ||||
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lukewong82
Master |
23-May-2019 19:33
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Usually Escrow $$$ is placed with BANKS .. how come this company give it to a lawyer?? $33M somemore!! not $3M, $33M!!! Hmm.. I think not so simple.. |
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TraderBen
Supreme |
23-May-2019 19:17
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Funny. They can do these in SG.. will the owners be prosecuted? Lol | ||||
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tonytan44
Supreme |
23-May-2019 19:08
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gone just like the money. haha
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gravity8888
Supreme |
23-May-2019 19:06
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Oh where are the supporters of allied tech.. | ||||
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Starship
Supreme |
23-May-2019 19:03
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What a joke................Money Disappear into Thin Air......................   Allied Tech' s S$130m RTO of dorm operator called off amid news of missing S$33m at law firm THU, MAY 23, 2019 - 8:41 AM CATALIST-LISTED precision engineering firm Allied Technologies will not be buying construction, development and dormitory operator Aik Chuan Construction (ACC) and its subsidiaries, it said in a bourse filing on Wednesday night. Allied Tech and Lim Yew Ming, who wholly owns ACC, had mutually terminated their memorandum of understanding (MOU) for the proposed acquisition of ACC&rsquo s entire issued share capital, with effect from May 22. Both parties entered into the MOU on May 8, after Mr Lim sent a letter of intent for the proposed deal for S$130 million that could result in a reverse takeover. Under the MOU terms, the proposed acquisition was subject to, among other things, the execution of definitive documents, including but not limited to a conditional sale and purchase agreement. No definitive documents were entered into in respect of the proposed acquisition, Allied Tech said in the Wednesday filing. The proposed acquisition of ACC as indicated in the letter was to be satisfied by S$30 million and S$50 million cash with the balance through the issue of new Allied Tech shares at an issue price not exceeding one Singapore cent per share. The termination of the ACC deal comes as S$33 million has gone missing from the clients&rsquo account of boutique law firm JLC Advisors, with the funds believed to belong to Allied Tech. A senior lawyer at JLC Advisors has also become uncontactable, The Business Times reported on Thursday. Allied Tech reported in a May 8 regulatory filing that its auditors had flagged some observations including S$33.4 million being held in escrow by JLC Advisors. On the same day, Singapore Exchange Regulation ordered Allied Tech to " expeditiously procure the release" of the funds held with JLC Advisors and place them in an account opened with and operated by an escrow agent with a financial institution licensed by the Monetary Authority of Singapore. SGX RegCo explained that this was to safeguard the cash and bank balances of Allied Tech. BT understands that the S$33.4 million went missing before Allied Tech could transfer the funds to a new escrow account with a bank. Allied Tech shares last traded at 1.1 Singapore cents on May 2, before it requested for a trading halt on May 3 and recommended on May 8 that the trading halt be converted to a voluntary trading suspension with immediate effect. https://www.businesstimes.com.sg/companies-markets/allied-techs-s130m-rto-of-dorm-operator-called-off-amid-news-of-missing-s33m-at |
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eric998
Supreme |
09-May-2019 07:23
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The cash real?
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TraderBen
Supreme |
08-May-2019 20:53
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Cash balance more than market cap .. | ||||
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gravity8888
Supreme |
08-May-2019 19:51
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Ya.. This will make Singapore market look like a junk market | ||||
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tonytan44
Supreme |
08-May-2019 19:32
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Therefore you may see more companies get bitten
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gravity8888
Supreme |
08-May-2019 18:39
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Hahah this will not be the only company that is playing punk | ||||
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tonytan44
Supreme |
08-May-2019 17:17
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haha play punk with sgx. it is no more the toothless sgx. now they grow teeth can bite
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guards80
Supreme |
08-May-2019 17:00
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Allied Tech: Regulatory Actions By SGX :: Regulatory Actions by SGXhttp://repository.shareinvestor.com/rpt_view.pl/id/788856.1/type/sgxnet/original_filename/1 |
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TraderBen
Supreme |
08-May-2019 16:21
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Game over | ||||
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