SINGAPORE (May 23): Jeffrey Ong, chairman of Annica Holdings, has quit with immediate effect on May 20. Ong is also the managing partner of boutique law firm JLC Advisors.
According to a Business Times report, some $33 million, believed to belong to Allied Technologies, has gone missing from the clients’ accounts of the law firm.
At the same time, an unnamed “senior partner” of JLC, has become uncontactable, reported the paper.
Ong first joined Annica’s board back in July 2008 and was re-designated as the acting independent and non-executive chairman on February 16 2017.
In his May 20 email to the company, Ong cited “personal reasons” for his immediate resignation.
According to Annica’s CEO Sandra Liz Hon Ai Ling, its Continuing Sponsor, Stamford Corporate Services, has been unable to arrange for an exit interview with Ong.
“The full details of Mr. Ong’s resignation and cessation as director of the Company will be disclosed in a separate announcement in compliance with Rule 704(6) and Appendix 7G of the Catalist Rules once the exit interview has been conducted,” states Annica in its May 22 announcement to the SGX.
Adnan Bin Mansor who is an independent and non-executive director of the company will now assume the role of the acting non-executive chairman of the board, says Annica.
Annica is one of the companies reportedly linked to alleged 2013 penny stock crash mastermind John Soh Chee Wen and fellow defendant Quah Su-Ling.
Last September, Annica announced the Ong was interviewed by the Commercial Affairs Department.
In the same announcement, Raymond Tan Soo Khoon, Annica’s former lead independent director and former CEO of LionGold, was also interviewed by the white collar crime unit.
Two other former independent directors, Augustine A/L T. K James and N Sivagurunathan V Narayanasamy were also interviewed.
In an earlier July 2018 announcement, Annica said Nicholas Jeyaraj s/o Narayanan, another independent director, was interviewed by the CAD on July 17. Nicholas was the defence lawyer for Goh Hin Calm, who was charged together with Soh and Quah.
Goh has since pleaded guilty.