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ALLIED TECH to rocket up to 8cents
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Starship
Supreme |
30-May-2019 08:58
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Lots of very ugly people in listed companies here nowadays.........................   CAD seizes Allied Tech documents for investigations retains director' s electronic belongings & passport 30/05/19, 07:35 am SINGAPORE (May 30): Allied Technologies says the Commercial Affairs Department (CAD) has seized information, records and documents on the group and its subsidiaries &ndash as well as on its escrow account with JLC Advisors, from which some $33 million is alleged to have gone missing. The group&rsquo s subsidiaries involved are namely: Asia Box Office, Activpass Holdings and Allied Technologies Holdings. Allied Tech&rsquo s executive director Kenneth Low Si Ren was subsequently called to attend an interview on Tuesday evening at CAD&rsquo s offices, where his mobile phone and laptop were retained for &ldquo investigation purposes&rdquo . He surrendered his passport to CAD a day later to assist in the investigation as well. In an aftermarket filing on Wednesday, Allied Tech says it intends to cooperate fully with CAD on its investigation, as will Low. Low is among the three directors recused from all decisions and recommendations of Allied Tech&rsquo s board, including acting as signatory to the accounts of the group and its subsidiaries. https://www.theedgesingapore.com/cad-seizes-allied-tech-documents-investigations-retains-directors-electronic-belongings-passport |
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lukewong82
Master |
29-May-2019 20:55
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Reference is made to the announcements of Allied Technologies Limited (" Company" ) on 23 May 2019, 25 May 2019 and 28 May 2019 in relation to escrow monies deposited with JLC Advisors LLP (" JLC" ). The Company wishes to update that the Commercial Affairs Department (" CAD" ) has on 28 May 2019 seized information, records and documents relating to: (a) the Company and its subsidiaries, namely, Asia Box Office Pte Ltd, Activpass Holdings Pte Ltd and Allied Technologies Holdings Pte. Ltd. and (b) the escrow account with JLC Advisors LLP, from the premises of the Company and its subsidiaries. Subsequently, the Company' s executive director, Mr. Low Si Ren, Kenneth (" Mr. Low" ) was asked by CAD to attend an interview at CAD&rsquo s offices on the evening of 28 May 2019. On 29 May 2019, Mr. Low informed the Company that CAD had on 28 May 2019 retained his mobile phone and laptop for investigation purposes. Mr. Low has, on 29 May 2019, surrendered his passport as part of the investigation as well. As at the date of this announcement, CAD has not disclosed to the Company any further details of its investigation. The Company intends to cooperate fully with CAD on the investigation. As announced on 25 May 2019, Mr. 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 will continue to provide further updates to shareholders on subsequent material developments. BY ORDER OF THE BOARD Leow Wee Kia Clement Chief Executive Officer and Executive Director 29 May 2019 |
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gravity8888
Supreme |
27-May-2019 08:48
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Already given up hope.. | ||||
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ysh2006
Supreme |
26-May-2019 22:22
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Forumer not interested !!... die also don't care!!
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ysh2006
Supreme |
26-May-2019 16:36
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Drop 8 c har ....no money takeover like last time Jade Tech ? OCBC was underwrighter this time who under wright this RTO ?
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Starship
Supreme |
26-May-2019 15:23
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Liddat how to Rocket Up to 8 Cents? Time to change the thread title................................. 
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Goldfinger
Supreme |
26-May-2019 14:06
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Aliied may have no choice but to sue both Jeffrey Ong family and JLC Partners to get their money back. Jeffrey would have run away. In any case, JLC is likely finished.
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gravity8888
Supreme |
26-May-2019 11:23
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The share holders are going to pay for it... As I mentioned early..this counter is a pump n dump counter.. No need to invest in it. | ||||
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chiongster88
Member |
25-May-2019 22:27
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its just a matter of time... If allied is going to sue for damages and the top bass is nowhere to be found, whose going to clean this up? | ||||
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Goldfinger
Supreme |
25-May-2019 16:00
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Anyway the lawyer company is finished. Zero credibility on all the Partners going forward. Right under their noses and never suspect.
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TraderBen
Supreme |
25-May-2019 15:09
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Everything is too late
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ysh2006
Supreme |
25-May-2019 13:28
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It come out a announcement saying the lawyer said can pay money on 17 May that was why company no take action till now...
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Qanghoo
Supreme |
25-May-2019 12:02
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I doubt it. Shd be a ltd coy,
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Goldfinger
Supreme |
25-May-2019 11:01
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Are the other Partners of JLC liable collectively? Can we sue them? | ||||
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Observers
Elite |
25-May-2019 10:45
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BT article say the lawyer have been asked to return the money since 2 months ago in March. Why never call CPIB or CAD or even law society to intervene immediately and freeze all his assets? | ||||
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destinykraze
Elite |
24-May-2019 17:28
Yells: "Reality is only a matter of perception" |
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Too many junk listing on SGX. Money in the company can go " missing" anytime. | ||||
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Observers
Elite |
24-May-2019 15:43
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Wonder if there is any link to the trade war between China and the US? | ||||
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NextEvolution
Elite |
24-May-2019 13:52
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Sometimes I wonder how these people in corporate world can make millions of dollars disappeared under their care and able to walk away freely. Midas Hldgs ex-Chairmain CEO is one of the many others who did David Copperfield act in SGX listed co. No wonder we are attracting so many questionable companies to list here over the last decades whereas reputable and good companies now shun SGX like the plague.
Not vested in Allied Tech |
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Starship
Supreme |
24-May-2019 12:28
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Annica chairman Ong quits just as $33 mil goes missing at his law firm JLC 7/05/19, 08:00 am SINGAPORE (May 27): Jeffrey Ong, managing partner of law firm JLC Advisors, may have given instructions to pay out a sum of $33.2 million held in escrow by his firm for a client, Allied Technologies. According to Allied&rsquo s statement filed with Singapore Exchange on May 23, the payment may have been &ldquo unauthorised&rdquo , citing a letter it received from JLC on May 22. Allied&rsquo s statement did not specify who the payment was made to. Ong also abruptly resigned as non-executive chairman of Annica Holdings on May 20. In a May 22 filing with SGX, Annica CEO Sandra Liz Hon Ai Ling said Ong resigned via email with immediate effect, citing &ldquo personal reasons&rdquo . Stamford Corporate Services, Catalist-listed Annica&rsquo s continuing sponsor, was unable to contact Ong to arrange an exit interview. Given his abrupt departure from Annica, Ong is now banned from taking up directorships or executive positions at all Singapore listed companies. Allied&rsquo s missing $33.2 million is likely to have been set aside for a reverse takeover by Allied of construction firm Aik Chuan Construction. Under terms of the deal announced on April 29, Allied will pay cash of between $30 million and $50 million. The balance will be paid using new shares to be issued to the vendor, Ken Lim Yew Ming. The deal has since fallen through. Signs of trouble had begun to emerge two months ago. In a May 8 filing, Allied reported that its auditor, EY, had drawn attention to the money held in escrow by JLC. On the same day, Singapore Exchange Regulation (SGX RegCo) ordered the company to quickly transfer the sum from the law firm to a licensed financial institution as a safeguard. In its May 23 filing, Allied said it had tried to do so since March 23, including through a May 17 letter of demand issued via its lawyers Rajah & Tann. According to the company, Ong had repeatedly told Allied that the release of the escrow funds would be forthcoming. On May 23, SGX RegCo ordered Allied to appoint a special auditor by June 14. The regulator also stipulated that the report be made directly to itself and not to the company&rsquo s board. The escrow arrangement with JLC was made on Oct 23, 2017. It was approved by the board at the time, which comprised Hsu Ching Yuh @ Sheu Ching Yuh, Soh Weng Kheong Yau Woon Foong, Shih Chih-Lung and Lim Jin Wei. Since then, the entire board has resigned except for Lin, an independent director. One of the newly appointed directors is Pok Mee Yau, a partner at JLC. Ong&rsquo s ties with Annica date back to July 2008, when he was appointed as a director. He was made chairman on Feb 16, 2017. Annica is one of the dozen or so companies whose directors were linked to alleged 2013 penny stock crash mastermind John Soh Chee Wen and his co-accused Quah Su-Ling. Last September, Annica announced that Ong was interviewed by the Commercial Affairs Department (CAD). Raymond Tan Soo Khoon, Annica&rsquo s former lead independent director as well as former CEO of LionGold Corp, one of the three penny stocks manipulated, was interviewed too. Nicholas Jeyaraj Narayanan, another Annica independent director, was interviewed by CAD on July 17. Nicholas was the defence lawyer for Goh Hin Calm, who was charged with Soh and Quah. Goh has since pleaded guilty. Trading accounts under the name of Edwin Sugiarto, a former Annica chairman, were allegedly used by Soh and Quah to trade shares. https://www.theedgesingapore.com/print-edition/annica-chairman-ong-quits-just-33-mil-goes-missing-his-law-firm-jlc |
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TraderBen
Supreme |
24-May-2019 08:14
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It is real until it goes missing
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