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Allied Tech says law firm handling placement recommended JLC as escrow agent

PC Lee
PC Lee6/6/2019 09:24 AM GMT+08  • 4 min read
Allied Tech says law firm handling placement recommended JLC as escrow agent
SINGAPORE (June 5): Allied Technologies said it was Low Yew Shen, a partner at Elitaire Law LLP which was handling the firm’s proposed placement exercise, who had recommended law firm JLC Advisors to the company to act as its escrow agent in October 201
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SINGAPORE (June 5): Allied Technologies said it was Low Yew Shen, a partner at Elitaire Law LLP which was handling the firm’s proposed placement exercise, who had recommended law firm JLC Advisors to the company to act as its escrow agent in October 2017.

However, Allied Tech said Low did not explicitly recommend Jeffrey Ong Su Aun, the managing partner of boutique law firm, to any member of the company although it was a paralegal from Elitaire who had attached Ong’s and JLC’s profile for the company’s review, added Allied.

Ong, 42, disappeared before news broke that $33 million held in escrow on behalf of Allied Tech by his law firm had gone missing. Ong had also resigned as chairman of Annica Holdings on May 20 via email to the company, citing personal reasons.

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