On May 24th, the Law Society of Singapore (LawSoc) reported that it took control of the funds of the law firm JLC Advisors in connection with the disappearance of the managing director Jeffrey Ong along with USD $33 million. This amount of money previously belonged to the engineering firm Allied Technologies.
These actions are consistent with the powers of LawSoc to intervene, according to the First Schedule of the Legal Profession Act. Therefore, LawSoc fulfills its obligations to protect the interests of clients and third parties.
All JLC funds, including money held by JLC on behalf of its clients or third parties, are now controlled by LawSoc. The Law Society of Singapore also announced that the next step would be to conduct an audit of JLC client accounts.