The managing partner of law firm JLC Advisors, Mr Jeffrey Ong Su Aun, is believed to have instructed the payout of around $33 million that it had held on behalf of its client Allied Technologies.
In a statement filed last night with the Singapore Exchange, the Catalist-listed precision-engineering firm said it was also informed by JLC in a letter on Wednesday that the payout "might have been unauthorised".
Allied Tech said it has asked its lawyers to make a police report, report the matter to the Law Society and commence legal proceedings to protect its interests.
Mr Ong has been uncontactable for several days.
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