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ALLIED TECH to rocket up to 8cents
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Joelton
Supreme |
27-Mar-2021 09:26
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Jeffrey Ong implicates Allied Tech executive director and investor in misappropriation case
His affidavit accuses Kenneth Low Si Ren and investor Lin Tah Hwa of round-tripping and sham transactions involving firm
JLC Advisors former managing partner Jeffrey Ong Su Aun named executive director Kenneth Low Si Ren and investor Lin Tah Hwa of Catalist-listed precision engineering firm Allied Technologies as being responsible for the misappropriated funds that grabbed headlines two years ago.
The former lawyer, in his affidavit to support his bail review application, claimed that there were round-tripping and sham transactions involving Allied Tech driven by Mr Low and Mr Lin in 2017 and 2018, with many of these transactions not substantiated by actual flow of funds as they were merely accounting entries to set off against some sale of assets.
He cited a placement of shares in 2017 by Allied Tech, for example, that was reported to have raised S$33.8 million in proceeds - held by JLC in escrow - but S$11.7 million from the first tranche was used instead to pay for the second tranche, resulting in much less than the reported amount of proceeds, the court heard on Friday in Ong' s bail review application.
Mr Lin was introduced to Ong as " being one of the largest individual forex speculators in Singapore" , and is also said to be connected to the Khoo Teck Puat family through his wife Lucy Khoo Bee Lay, according to Ong' s affidavit.
Ong, 43, said the fact there has not been any civil litigation by Allied Tech to recover the escrow funds corroborates his allegations.
Defended by Tan Hee Joek in the criminal proceedings, Ong wants to be bailed out so that he can take civil proceedings to recover the funds and effect restitution.
Ong also alleged that he had borrowed S$4 million to top up the escrow account that was drawn down upon instructions from Mr Low or Mr Lin.
According to him, instructions were allegedly given by either of them to release several sums of the escrowed funds in 2018 and 2019, including US$4 million to Ms Khoo.
The Business Times understands that Ms Khoo has refuted all allegations raised in Ong' s affidavit, extracts of which were sent to her pursuant to the Legal Profession (Professional Conduct) Rules as she is a practising lawyer. She has said in the response that the matter is between Mr Low and Ong.
Ong faces 76 charges in total including misappropriation of funds as a lawyer, forgery and cheating, with the total sums amounting to about S$76 million, according to the prosecution. He has been in remand for almost two years.
The prosecution is against the application because Ong is deemed a flight risk. The prosecution will submit on this matter when the hearing continues on April 9.
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teeth53
Supreme |
27-Mar-2021 00:29
Yells: "don't learn through life, learn to grow with life " |
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Allied Technologies filed a police report over S$33 mil from its escrow account - an account where funds are held while two or more parties complete a transaction. ☆ 》
Ong now faces 76 charges including cheating, forgery and criminal breach of trust as an attorney involving more than S$75 million.
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TraderBen
Supreme |
14-Feb-2021 16:33
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They lose 32m to the lawyer?s company. Wonder will they ever get it back or not | ||
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meljohn
Senior |
12-Feb-2021 17:41
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Con company b4 suspended cash more than market cap. Guess company directors also selling cheap share holder.
Sgx 😴 😴 |
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meljohn
Senior |
12-Feb-2021 17:33
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Con company and blind SGX | ||
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newbie19
Supreme |
12-Feb-2021 12:17
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Happy 牛 Year to all. Wish all good health and good wealth | ||
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gravity8888
Supreme |
19-Nov-2019 13:21
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Suspension for almost half a year liao.. Still no updates?? | ||
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meljohn
Senior |
13-Nov-2019 21:48
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Why this company still suspended?
Waiting for Christmas? Free gift |
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destinykraze
Elite |
11-Jun-2019 12:16
Yells: "Reality is only a matter of perception" |
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apples that cost $1 passed from my left hand to right hand now cost $1.2. right to left now the apple costs $1.4 now. Because of xxx xxx reasons.
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Starwar88
Supreme |
11-Jun-2019 11:32
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Lol. What is new?
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gravity8888
Supreme |
11-Jun-2019 11:03
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Did our regulator failed in its role? | ||
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Starship
Supreme |
11-Jun-2019 10:29
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More Monkey Business in Clown Stocks of SGX Circus Maximus..........................    Truly a World-Class disgrace................... Eneco Energy hires investigator to probe $3.9 mil payment 11/06/19, 07:40 am SINGAPORE (June 11): Eneco Energy, previously known as Ramba Energy, has decided to appoint an independent external reviewer to obtain satisfactory audit evidence or explanations regarding a certain payment of $3.9 million by a subsidiary of the company to a broker, which is an Indonesian party. Eneco Energy was informed of the payment by its independent auditors, Ernst & Young, in the course of its audit investigations. The subsidiary involved, Ramba Energy West Jambi (REWJ), was also the contractor of the group& rsquo s West Jambi concession. It was required to furnish a bank guarantee to the concession holder in order to secure the extension of the exploratory permit for the concession. During the financial year, a director, who also is a substantial shareholder of the company, withdrew about $3.9 million worth of funds from another company& rsquo s bank account. The director and management then represented that the funds were advanced to a broker to secure a bank guarantee from its bank in favour of REWJ, according to Eneco Energy. However, the auditors say while the documents presented by the director and management were for the purpose of the queried payment, they showed inconsistencies with information obtained by the auditors from the broker& rsquo s bank that issued the proforma bank guarantee and the concession holder. " The queried payment was recorded as an amount due from a broker and subsequently a full impairment allowance of about $3.9 million was made against the amount due, after queries were raised about its recoverability," says Eneco Energy. Due to the inconsistencies, the auditors were not able to ascertain the commercial rationale of this arrangement, as well as the nature, existence and recoverability of the queried payment. As such, the auditors could not determine if the queried payment is appropriately accounted for, presented, disclosed and whether the allowance recorded against the amount is appropriate. https://www.theedgesingapore.com/eneco-energy-hires-investigator-probe-39-mil-payment  |
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tonytan44
Supreme |
06-Jun-2019 17:31
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On 2 April 2004, Chia Teck Leng was sentenced to 42 years in jail in the largest case of commercial fraud in Singapore, to date. The jail term is also the longest ever meted out for a commercial crime. Chia was a finance manager at Asia Pacific Breweries when he forged documents to swindle $117 million from banks over four years, to feed his gambling addiction. Before him, the worst commercial fraud was committed by Singapore Airlines&rsquo employee Teo Cheng Kiat, who embezzled $35 million from the airline over 13 years. He was convicted in 2000 and jailed for 24 years for the crime........ 33mil can sit at least 20yrs |
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tonytan44
Supreme |
06-Jun-2019 16:47
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Missing lawyer Jeffrey Ong arrested and charged in court | ||
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warren_buffet_sg
Member |
04-Jun-2019 18:26
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Rumour has it that Karen Pok and Jeffrey Ong were having an affair while his wife was pregnant. Tsk tsk... | ||
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Starship
Supreme |
04-Jun-2019 15:39
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Another eye-opening article by our eminent Prof Mak Yuen Teen...............   When poor governance meets liberal rules Published June 04, 2019First published in Business Times on June 4, 2019 By Mak Yuen Teen In April, (my colleague at the National University of Singapore Business School) Richard Tan and I released a report titled &ldquo Avoiding potholes in listed companies&rdquo , published by CPA Australia. The report identified 16 warning signs and red flags in corporate governance, disclosure and reporting that had differentiated 33 companies that had run into serious corporate governance or accounting problems, and comparable companies that had not. The study also found 14 other companies that had many of the same red flags and may therefore be at risk of suffering the same fate soon (although we did not name them in the published report). Allied Technologies Holdings was one of them. In the three years leading up to April 2018, it had nine of the 16 warning signs and red flags already present, including the sudden resignation of the audit committee chairman and other independent directors. Allied also checked a number of boxes on the list of the warning signs in the &ldquo business model&rdquo and &ldquo events/transactions&rdquo areas we discussed in the report, such as ad hoc diversification, quick acquisitions in areas unrelated to its existing core business, multiple large transactions below the thresholds for approval by shareholders, and change of control without a mandatory general offer. Allied is now embroiled in a scandal: JLC Advisors managing partner Ong Su Aun Jeffrey has become uncontactable, and some S$33 million of Allied&rsquo s funds parked in an escrow account managed by his firm is missing. But trouble was arguably already coming to Allied, given its poor corporate governance and liberal Catalist rules. Churn in directors and key personnel In October 2015, Allied&rsquo s then-chairman and chief executive Hsu Ching Yuh, also the founder and controlling shareholder, requested that the three independent directors (IDs) resign. The three IDs who replaced the trio (Jake Lam, Woo Say Hock and Yau Woon Fong) had one thing in common &ndash zero experience as directors of listed companies. Yau, then aged 36, became lead ID and audit committee (AC) chairman in June 2016, he was appointed as an executive director (ED) of AA Group Holdings, but he resigned in December 2018. Loo Choon Chiaw, one of the IDs who was asked to resign at Allied, had also resigned as an ID from AA Group just a month earlier with two other IDs. The two IDs and one non-independent non-executive director who replaced them at AA Group had two things in common &ndash they were in their 30s and had no experience as directors of listed companies. Chua Chee Heng, 35, became lead ID, NC and RC chairman Charles Chew Yeow Bian, 38, became AC chairman. Over at Annica Holdings, two of the three IDs on the board also resigned in January 2016. There too, they were replaced by two new IDs with no experience as directors of listed companies &ndash Su Jun Ming, 37, who was appointed lead ID and AC chairman, and Adnan Bin Mansor, 53, who became NC chairman. Jeffrey Ong, the third incumbent ID, did not resign and later became acting independent chairman &ndash but tendered his resignation by e-mail on May 20, 2019. Such situations of IDs being replaced as a slate when new shareholders appear make a mockery of the concept of IDs, who are supposed to be independent of major shareholders. What is worse is that newly-appointed, inexperienced IDs are then supposed to oversee major transactions and safeguard the interests of the company. Unfortunately, this is reminiscent of what happened at Datapulse Technology and other companies. At AA Group and Allied, turnover of directors and key management continued, with the new directors all eventually stepping down &ndash in AA Group&rsquo s case, in a matter of months. Two IDs appointed at Allied in October 2015 resigned in March 2017, and were replaced by Chuang Shaw Peng, 65, and Shih Chih-Lung, 62. Neither had listed-company experience. Chuang resigned in August that year, replaced by Lim Jin Wei. The company has now disclosed that when the escrow agreement with JLC was approved in October 2017, the board comprised two EDs, Hsu and Soh Weng Kheong, who was deputy managing director, and three IDs &ndash Mr Yau, Mr Shih and Mr Lim. Mr Shih resigned a week after the escrow agreement was approved, and was replaced by Pok Mee Yau. Pok is a JLC partner. Other warning signs continued to pile up, including the sudden departure of a CFO who left in January 2019 after just two months other red flags included SGX&rsquo s queries about a proposed investment, a profit warning and a delay in holding its annual general meeting (AGM) and the announcing of its results. https://governanceforstakeholders.com/2019/06/04/when-poor-governance-meets-liberal-rules/ |
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warren_buffet_sg
Member |
31-May-2019 15:18
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His bro Melvyn Ong business as usual woowoo |
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gravity8888
Supreme |
31-May-2019 08:21
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Think sgx is sleeping | ||
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Starship
Supreme |
31-May-2019 00:14
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Another one run road?......................... Any $$$ missing like the Allied Technologies case?....................... SGX is truly a disgraceful Circus Exchange with Clown Stocks........................... Epicentre acting CEO uncontactable receives statutory demands from creditors THU, MAY 30, 2019 - 6:43 PM EPICENTRE executive chairman and acting chief executive officer Kenneth Lim Tiong Hian has been uncontactable since May 24, the Catalist-listed former Apple reseller announced on Thursday afternoon, following its request for a trading suspension that morning. Epicentre said it will not be proceeding with a proposed placement of up to about 79.7 million new ordinary shares in its capital, saying that Mr Lim, " who has been key and instrumental to the proposed placement" , has been uncontactable. It noted that it does not have any monies held in escrow. " In order to repay the existing liabilities of the company, the company is currently trying to come up with a workout plan to facilitate repayment to creditors," said Epicentre. Having received statutory demands dated May 21 and May 27 from three creditors, Epicentre " is seeking legal advice and assessing the potential impact on the group" . " This potentially raises issues in terms of the group' s and the company' s ability to continue as a going concern," it added. https://www.businesstimes.com.sg/companies-markets/epicentre-acting-ceo-uncontactable-receives-statutory-demands-from-creditors |
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Wind22i
Supreme |
30-May-2019 09:03
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this company is doom..another sad episode for sgx retail investors.. | ||
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