Firm embroiled in case of missing S$33m saw string of leadership changes in past 2 years

SINGAPORE — Before Allied Technologies came under the spotlight recently over its missing S$33 million, there had been a series of departures among the company’s top ranks over the past two years.

Its current executive director Kenneth Low was asked by the Singapore Police Force’s Commercial Affairs Department (CAD) to go for an interview earlier this week, the precision-engineering firm said in a filing with the Singapore Exchange (SGX) on Wednesday (May 29).

Mr Low’s mobile phone and laptop were retained by CAD officers and he also surrendered his passport.

Officers also seized information, records and documents relating to Allied Technologies and its subsidiaries.

This happened after the firm made a police report over the disappearance of its funds worth about S$33 million.

It was told by law firm JLC Advisors that S$33.4 million from its escrow account may have been paid out under the instruction of a senior lawyer, Jeffrey Ong Su Aun, who has since gone missing.

CONCERNS OVER FINANCIAL MATTERS

Based on Allied Technologies’ filings with SGX over the last two years, there has been numerous changes among its key management and board of directors.

Its chief financial officer Andrew Wong resigned in February this year, barely two months after taking up the role in December last year.

He had raised concerns over financial matters such as the classification of expenses and documentation processes.

He also brought up issues relating to the audit of the firm’s subsidiary, Asia Box Office — an e-ticketing platform Allied Technologies bought in April last year.

It was part of the precision-engineering firm’s strategy to diversify into new businesses related to e-commerce.

Allied Technologies signed an agreement with Platform Internet Capital in last January as part of the process to buy a 51 per cent stake in Asia Box Office.

Platform Internet Capital was then bought over last June by Mr Low through Klow Ventures, a company he owns — before he assumed his role as executive director in the same month.

An SGX filing stated that Mr Low has managed and overseen investments in various seed- and growth-stage companies in the industry areas of e-commerce, payments, sports and entertainment since 2007.

Besides Allied Technologies’ chief financial officer, Mr Wong, at least two executive directors have resigned from their positions after being appointed for about six months or less.

Two other independent directors also assumed their positions and then resigned within a span of less than one year.

The following is a timeline of the changes among key management personnel and the board:

• March 23, 2017: Mr Jake Lam resigns as independent director

• March 23, 2017: Mr Woo Say Hock resigns as independent director

• March 23, 2017: Mr Shih Chih-Lung appointed as independent director

• March 23, 2017: Mr Chuang Shaw Peng appointed as independent director

• Aug 1, 2017: Mr Chuang Shaw Peng resigns as independent director

• Aug 1, 2017: Mr Lim Jin Wei appointed as independent director

• Oct 31, 2017: Mr Shih Chih Lung resigns as independent director

• Oct 31, 2017: Ms Pok Mee Yau appointed as independent director

• Dec 20, 2017: Mr Soh Weng Kheong resigns as executive director and group deputy managing director

• Dec 27, 2017: Ms Ang Lee Ai promoted to financial controller

• Dec 27, 2017: Ms Tan Siang Keng promoted to chief operating officer

• Dec 27, 2017: Mr Darren Chen appointed as executive director

• Dec 27, 2017: Mr Hsu Ching Yuh resigns as chief executive officer and group managing director

• March 5, 2018: Mr Roger Poh appointed as executive director

• March 5, 2018: Mr Darren Chen resigns as executive director and redesignated as business operations executive

• June 27, 2018: Mr Kenneth Low appointed as executive directorJuly 11, 2018: Mr Yau Woon Fong resigns as lead independent director

• Sept 28, 2018: Mr Roger Poh resigns as executive director

• Nov 2, 2018: Mr Andrew Wong appointed as chief financial officer

• Feb 12, 2019: Ms Daisy Ong to become chief financial officer

• Feb 15, 2019: Mr Chin Chee Choon appointed as independent director  

• Feb 22, 2019: Mr Andrew Wong resigns as chief financial officer

• March 1, 2019: Mr Clement Leow appointed as chief executive officer and executive director