Asia

Lawyer Jeffrey Ong hit with 4 more charges involving $11.7m of Allied Tech's missing funds

SINGAPORE (THE BUSINESS TIMES) – Jeffrey Ong, the former managing partner of law firm JLC Advisors, was charged in the State Courts on Tuesday (Aug 11) with four additional counts of criminal breach of trust as an attorney.

The four charges, which arise from investigations by the Commercial Affairs Department, relate to the misappropriation of monies amounting to $11.7 million from an escrow facility held by JLC Advisors for Catalist-listed Allied Technologies.

The $11.7 million amount was Allied Tech’s proceeds from a share placement exercise carried out in October 2017, according to a statement by the Singapore Police Force (SPF).

With the latest charges, Ong faces a total of 57 counts of cheating, criminal breach of trust and forgery. SPF said investigations against Ong are ongoing.

The 41-year-old Singaporean lawyer was caught in Malaysia and was taken back to Singapore on May 30.

Allied Tech shares have been suspended from trading since May 3, 2019, when the company disclosed that about $33 million of funds were taken out of an escrow account managed by JLC Advisors.

Source: Read Full Article