Ong Su Aun Jeffrey (“Jeffrey Ong”), the former managing partner of JLC Advisors LLP (“JLC Advisors”), was charged with four additional counts of criminal breach of trust as an attorney in the State Courts on 11 August 2020.
The four criminal breach of trust charges, which arise from investigations by the Commercial Affairs Department, relate to the misappropriation of moneys amounting to $11,700,020 from an escrow facility held by JLC Advisors for Catalist-listed Allied Technologies Limited 1 (“Allied Technologies”). The moneys were placement proceeds for a share placement exercise carried out by Allied Technologies in October 2017.
With these charges, Jeffrey Ong faces a total of 57 counts of cheating, criminal breach of trust and forgery as follows:
(a) 1 count of Section 420 Penal Code for cheating CCJ Investment Limited into disbursing $6 million;
(b) 8 counts of Section 468 Penal Code for the forgery of documents to cheat CCJ Investment Limited into disbursing $6 million;
(c) 16 counts of Section 468 Penal Code for the forgery of statement of accounts for JLC Advisors’ Standard Chartered Bank USD bank account for the purpose of cheating;
(d) 1 count of Section 409 Penal Code for the misappropriation of US$4,851,289.15 from a Standard Chartered Bank USD bank account while acting as a solicitor of JLC Advisors;
(e) 8 counts of Section 409 Penal Code for the misappropriation of $21,554,609.12 from the share placement proceeds for Allied Technologies while acting as a solicitor of JLC Advisors;
(f) 3 counts of Section 409 Penal Code for the misappropriation of $12,285,065.85, being the balance consideration from the sale of Allied Machineries (Shanghai) Co. Ltd., while acting as a solicitor of JLC Advisors;
(g) 14 counts of Section 417 Penal Code for cheating for the issuance of false escrow notices between 3 November 2017 and 22 January 2019 to the Board of Directors of Allied Technologies;
(h) 1 count of Section 467 Penal Code for the forgery of a JLC Advisors partner’s signature on a cheque for $33,153,416.56, which was issued to Allied Technologies;
(i) 1 count of Section 409 Penal Code for the misappropriation of $250,000 from a Standard Chartered Bank SGD bank account, being funds belonging to a client of JLC advisors, while acting as a solicitor of JLC advisors; and
(j) 4 counts of Section 409 Penal Code for the misappropriation of $11,700,020 from a DBS Bank account, being monies held in escrow, while acting as a solicitor of JLC Advisors.
Investigations against Jeffrey Ong are ongoing.
Allied Technologies Limited was listed on the Mainboard of SGX in June 2003 and transferred to the Catalist Board in May 2017. Its principal business is manufacturing of precision stamped metal parts and has recently entered into e-commerce.
SINGAPORE POLICE FORCE
11 August 2020 @ 10:00 AM