SINGAPORE - Police have retained the laptop and mobile phone of Allied Technologies executive director Kenneth Low Si Ren in the ongoing probe over the $33 million reported missing from an escrow account with law firm JLC Advisors.
Mr Low was interviewed at the office of the Commercial Affairs Department (CAD) on Tuesday evening (May 28).
The following day, Mr Low surrendered his passport, said Allied Technologies in an update statement filed with the Singapore Exchange on Wednesday.
The CAD, which is steering the investigations, also took away information, records and documents relating to the Catalist-listed engineering company and its subsidiaries - Asia Box Office, Activpass Holdings and Allied Technologies Holdings - from their premises.
The seizures also relate to the escrow account with JLC Advisors.
"CAD has not disclosed to the company any further details of its investigation. The company intends to cooperate fully with CAD on the investigation," said Allied in the statement.
The missing sum of around $33.2 million was held in escrow by law firm JLC Advisors for Allied Technologies.
The money is believed to have been paid out on the instructions of Mr Jeffrey Ong, the law firm's managing partner, and the payout may have been unauthorised.
JLC had also said it was investigating the matter and had lodged reports with the authorities.
Allied Technologies had said earlier that despite repeated demands for repayment since March 23, including a letter of demand issued by its lawyers from Rajah & Tann on May 17, JLC has failed to release the balance funds of $33,153,416.56. It had also breached its obligations under the escrow agreement inked on Oct 23, 2017, according to Allied Technologies.
The Law Society had taken control of the clients' accounts of JLC Advisors last week and have started an investigative audit of the firm.
Its managing partner Jeffrey Ong has remained uncontactable.