SINGAPORE (June 6): Jeffrey Ong Su Aun, the 41-year-old managing partner of law firm JLC Advisors who went missing from May 20, has been caught.
According to media reports, Ong was arrested in Malaysia, and sent back to Singapore on May 30.
Ong is linked to the $33 million belonging to Allied Technologies that went missing in an escrow account in JLC.
JLC had wrote to Allied Tech on May 23 saying it had reasons to believe that the $33 million payout from its escrow account, as instructed by Ong, “might have been unauthorised”.
See: Allied Tech files police report over unauthorised $33 mil payout by JLC MD Ong
On June 1, Ong was charged in a Singapore district court with one count of cheating – unrelated to the Allied Tech case.
In February this year, Ong is alleged to dishonestly induced CCJ Investments into disbursing a sum of $6 million, after deceiving the firm into believing that Suite Development had entered into a loan agreement with it.
Some $3.3 million was then used to refinance Suite Development's mortgage loan, according to court documents. The remaining $2.7 million was deposited into JLC Advisors' client's account.
Ong's case has been adjourned to June 13.
For the charge of cheating CCJ Investments, he faces up to 10 years’ imprisonment and a fine.
The Edge Singapore understands that he might be slapped with additional charges.
On May 20, Ong had resigned from his position at Annica Holdings as non-executive and independent director with immediate effect, citing personal reasons.
See: Annica chairman Ong quits just as JLC senior partner goes missing with $33 mil of clients' money
According to Annica’s CEO Sandra Liz Hon Ai Ling, its continuing sponsor, Stamford Corporate Services, had been unable to arrange for an exit interview with Ong.
Annica is one of the companies reportedly linked to alleged 2013 penny stock crash mastermind John Soh Chee Wen and fellow defendant Quah Su-Ling.
Last September, Annica announced the Ong was interviewed by the Commercial Affairs Department.
See also: Allied Tech says law firm handling placement recommended JLC as escrow agent
