PRECISION engineering company Allied Tech on Friday said it has appointed PwC as its special auditor to investigate the circumstances surrounding certain transactions, including the placing of some S$33 million of funds with law firm JLC Advisors under escrow that reportedly went missing.
PwC will also look into whether there was any potential breach of the Companies Act, Catalist rules, Securities and Futures Act and other laws and regulations, and review Allied Tech's corporate governance and internal controls and propose remediation actions and areas of improvement. In a bourse filing late on Friday night, Allied Tech said PwC will investigate the following matters:1) Asia Box Office and the events it hosted as highlighted by Allied Tech's auditor previously2) ABO's funds of S$1.09 million and the S$33.
This follows a notice of compliance by SGX RegCo to the company for it to appoint a special auditor to look into observations raised by the auditors, including the placement of Allied's funds with JLC Advisors, subsequent developments as well as the progress in procuring the deposit of those funds.
Source: News Formal (newsformal.com)
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