Former CW Group and Allied Technologies executives charged in multi-million escrow fraud

Singapore authorities charged former CW Group chief executive Wong Koon Lup with 24 offences, most notably a conspiracy with former JLC Advisors partner Jeffrey Ong to steal over S$24 million held in CW Group’s escrow facility and to provide false audit confirmations to EY. In addition, Wong is accused of misappropriating about S$17 million belonging to CW Group and its subsidiary CW Advanced Technologies and of directing staff to falsify financial statements.

Kenneth Low, who previously served as executive director of Allied Technologies, faces five charges, four alleging he aided Ong in withdrawing four sums totaling roughly S$11.7 million from a DBS account and one for forging a cheque signature. Both executives pleaded not guilty and were released on bail of S$300,000 (Low) and S$280,000 (Wong). The allegations stem from escrow arrangements the two companies maintained with JLC, which acted as their escrow agent.

The case follows the 2023 sentencing of disbarred lawyer Jeffrey Ong to 19 years for cheating and breach of trust involving about S$76 million. Allied Technologies was delisted in November 2022, and CW Group is no longer listed either.