The new management of the Wedtech Corp. yesterday accused W. Franklyn Chinn, former investment partner of Attorney General Edwin Meese III, and one of Chinn's associates of defrauding the company of a $150,000 consulting fee and secretly splitting it with others who rendered no service to the company.

The charges, contained in an amended lawsuit filed in federal bankruptcy court in Manhattan, did not say who the "others" were, but sources familiar with the Wedtech investigations said Meese's personal lawyer and longtime friend, E. Bob Wallach of San Francisco, allegedly received some of the money.

Chinn, a San Francisco businessman, and a frequent business associate, R. Kent London, were also accused of cheating Wedtech of at least $165,000 by submitting fraudulent expense accounts during the past two years for trips to Australia, Switzerland and points in between.

Chinn and London became consultants for Wedtech in April 1985 on the recommendation of Wallach, who had been an adviser to the Bronx-based defense contracting company since 1981. Chinn also became Meese's investment partner, again on Wallach's recommendation, the next month.

Former Wedtech executives now cooperating with authorities after pleading guilty to bribery and other crimes have said much of the $150,000 fee went to Wallach, according to sources. The executives, the sources added, did not link the payments to Meese.

Lawyers for Chinn, London and Wallach did not respond yesterday to attempts to reach them for comment.

Yesterday's allegations supplement a lawsuit Wedtech filed in May, accusing Chinn and London of conspiring to defraud the company of $1.14 million in 1986 with another phony invoice and, again, secretly dividing that money among themselves "and others."

The suit filed yesterday said Chinn and London conspired to defraud the company by having London's company, International Financial Consulting and Investments Inc., submit a phony invoice dated July 1, 1985, for "consulting services relating to sale of {Wedtech's} tug barge system."

In fact, the suit said, Chinn and London "provided no services to the Debtor (Wedtech), consulting or otherwise" on the tug barge, which Wedtech bought almost a year earlier on Aug. 29, 1984, as part of its acquisition of a bankrupt shipyard in Ontonagon, Mich.

Chinn and London were also accused of charging Wedtech for personal expenses unrelated to Wedtech's business as a multimillion-dollar defense contractor.

The disputed personal accounts included a $264 dinner at New York's posh Hotel Plaza Athenee that Chinn hosted last year for San Francisco stockbroker David Meid and Meid's wife, Shahdan el Shazly, who was formerly married to Chinn. Meid, sources say, acted as Chinn's broker in purchasing at least some of the stocks for the "limited blind partnership" Chinn had set up for Meese in 1985.

Wallach has previously acknowledged receiving about $1 million in stock and cash from Wedtech for his legal and business advice.

The company grew rapidly starting in 1982 after Meese, then White House counselor, intervened to get Wedtech "a fair hearing" on its efforts to obtain a $32 million, no-bid Army engine contract. Meese has said he took the step in response to memos from Wallach.