A 33‑Million‑Dollar Vanishing Act by a Law Firm
Allied Technologies is on the brink of a financial cliff after a purported $33 million escrow has disappeared, and the only person in the picture so far has been the mute managing partner of JLC Advisors, Jeffrey Ong Su Aun. With no trace of him for days, the company is scrambling to recover what might have been simply someone’s “forgotten” lunch money.
The Escalating Choreography of Confusion
- March 23 – Allied sends a forceful demand (plain old “pay what’s owed” letter).
- May 17 – Rajah & Tann lawyers draft a stern letter, but still no rub‑off of cash.
- Wednesday – JLC flashes a tidy letter on its stationery claiming it paid out $33.4 million as directed by Mr Ong.
- Lucky it says the figure was actually $33.2 million—a humble 200‑k discrepancy but suspicious enough to win a detective’s trophy.
Why the Loss Is More Than the Numbers
Allied’s executive director Ken Low Si Ren and independent director Lim Jin Wei proclaim they’ve never given the green light for any disbursement. They’ve only confirmed that the JLC claim being “unauthorised” had nothing to do with their instructions.
JLC’s managing director allegedly promised a timely departure of the funds, never once suggesting the bank had already doubled‑dipped. All clues? A confused letter from a firm that’s supposedly “investigating” the very same loss. Classic sign of a 10‑pound‑worth coup.
Action Plan – A Switched‑On‑Alert Protocol
- Allied is demanding documentary proof—full account statements and Mr Ong’s whereabouts.
- Lawyers to file a police report, notify the Law Society, and start legal proceedings.
- Board to keep shareholders pumped with timely updates (no party poppers, just dry news).
A police spokesman has confirmed the investigation is “ongoing.” With history setting a precedent (think David Rasif, runaway lawyer with $11.3 million in a flash in 2006), the stakes feel like a high‑roller card game where the dealer flips the last card—Big reveal, no refunds.
Key Takeaway
Alleged missing money that might become a headline record for lost funds tied to law firms is more than just numbers. The story underlines the vital need for stringent escrow agreements, double‑checks on signatures, and transparency that keeps the law firm’s scissors from cutting the firm’s own holdings.
