The lawyer was accused to have deceived CCJ Investment in disbursing $6m.
JLC Advisors managing director Jeffrey Ong Su Aun who has been alleged to have relations to Allied Tech’s missing $33m, was arrested in Malaysia and was also charged with cheating another firm in a court hearing.
He was also accused cheating with CCJ Investment as Ong Su Aun led them to believe that the said firm entered into a $6m loan agreement with Suite Development. About $3.3m is said to have been used to support Suite Development's mortgage loan whilst $2.7m was sent into its client account in JLC.
A few weeks ago, JLC wrote to Allied Tech saying that $33.4m may have been purportedly paid out from the escrow account and also noted that the transaction was under the instruction of Ong Su Aun.
“This is notwithstanding that at all material times, JLC’s managing director, Ong Su Aun, Jeffrey, had repeatedly represented to the company that the release of the escrow funds would be forthcoming, and had never once stated that the escrow funds were missing, that it had already been paid out or that JLC would not comply with the company’s request to release the escrow funds in accordance with the escrow agreement,” Allied Technologies’ CEO and executive director Leow Wee Kia Clement stated.
Singapore Exchange Regulation (SGXRegCo) and the Commercial Affairs Department have also been participating in the investigations.
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