Commercial Affairs Department seizes Allied Technologies documents over probe

The company is subject to a probe on $33m missing from an escrow account with law firm JLC.

Singapore’s Commercial Affairs Department (CAD) has seized Allied Technologies’ information, records, and documents amidst its ongoing probe on the $33m missing from an escrow account with the law firm JLC, an announcement revealed.

The seized documents were also related to Allied Technologies’ subsidiaries Asia Box Office Pte Ltd, Activpass Holdings Pte Ltd and Allied Technologies Holdings Pte. Ltd. and the escrow account with JLC Advisors LLP.

Allied Technologies’ executive director Low Si Ren, Kenneth was asked by CAD to attend an interview at CAD’s office on the evening of 28 May 2019. On 29 May 2019, Low informed the company that CAD had on 28 May 2019 retained his mobile phone and laptop for investigation purposes. Low has surrendered his passport as part of the investigation as well.

As of 29 May, CAD has not disclosed to the company any further details of its 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,” Allied Technologies added.

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