Tag Archives: auditors

A C3 Church Update & A CHC Court Wrap Up

18 Tuesday Feb 2014

Posted by in C3 & Pringles Associations

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C3 Church Update

Phil Pringle must be speaking furiously (by faith) over this court case for Kong Hee to obtain the victory. If Kong Hee loses, Pringle’s congregation will see him as a spiritual fraud. (That is unless his leadership keep leaking information to the congregation which in turn makes them leave before the trial finishes.)

To all C3 leaders and members reading this website: Thank you for providing us with information from the C3 leadership meetings and updating us on the state of affairs within C3 Church Oxford Falls.

We encourage you to keep spreading our articles and news reports that expose the scheming nature of Phil Pringle and Kong Hee to other C3 members.

Where There’s A Phil There’s A Way

Phil Pringle Misleading His Church Over Kong Hee’s Case

Prophet Pringle Plundering People’s Pockets For Kong Hee’s Cause

And God Told Pringle That Kong Would Not Be “Behind Bars”

Pringle Using His Prophecy Of Kong Hee To Elevate His ‘Prophetic Message’

Beyond Words… Pringle Sinks To New Depths At Global Presence Conference 2013

Kong Hee To Phil Pringle: “You created this mess! You’ve Got To Come And Help Us Fix It”

Kong Hee Again Blames Phil Pringle For SunTec Mess: “… it’s all your fault, Pastor!”

“You Can Inform Your Readers That Phil Is A Father In The Faith To Kong.” – Pastor & Executive Regional C3 Americas Overseer

Do Pastors Really Want To Endorse The Ministry Of Kong Hee & Sun Ho?

Encourage C3 members to think for themselves and engage them in intellectual discussion. Let them know when they are engaging with you on an irrational or emotional level and patiently lead them to the truth of their ways.

More importantly, keep using your connect group time to ignore the Connect Group notes and keep testing what we are teaching you to the Word of God. Make sure you read the bible in context. Read large portions of scripture. Keep discussing with an open bible what Phil Pringle, Kong Hee and Sun Ho are doing.

You are in our prayers. Pray that repentance comes to these institutions.

We apologise for the delay of this article. Channel NewsAsia reports,

Prosecution wraps up case against City Harvest Church leaders

The prosecution on Monday wrapped up its case against the six leaders of the City Harvest Church after completing questioning of its last witness, Mdm Foong Ai Fang, an audit manager at Baker Tilly.

SINGAPORE: The prosecution on Monday wrapped up its case against the six leaders of the City Harvest Church after completing questioning of its last witness, Mdm Foong Ai Fang, an audit manager at Baker Tilly.

Church founder Kong Hee and his five deputies are accused of misusing millions of the church’s building fund monies to boost the career of singer Sun Ho.

After 42 days in court, the defence lawyers have indicated that they will submit to the judge that the defendants have no case to answer.

Both the prosecution and defence will exchange written submissions on this in March.

In April, District Judge See Kee Oon will decide if the prosecution has produced sufficient evidence to support its claims of criminal breach of trust, among other things.

The prosecution argued that this was done through “sham bond investments” in Xtron and Firna.

Last month, the lead auditor in-charge of the church’s accounts testified that the bond investments made by the church did not make sense.

Mr Sim Guan Seng of Baker Tilly said that the bond transactions between the church, Xtron and Firna looked as though they were set up for specific purposes, which would “raise a lot of red flags”.

But the defence countered that the investments were not “sham” just because Mr Sim said they were not sound.

A key point of contention was the secrecy that shrouded the discussions among the accused.

Referring to various emails, the prosecution tried to make the point that the defendants were hiding information from the auditors as well as church members.

But the defence pointed out that there was no breach in the church’s constitution when the Building Fund was used for the investments.

Its case is that it was always clear the church’s building fund monies were used to produce Ms Ho’s music albums and that the auditors signed off on the various audits.

It also stressed that no church money was lost.

But the court also heard that the information which the auditors based their work on came from the accused.

If the judge decides that the prosecution has produced sufficient evidence, the defence will present its case in July.

Source: By Claire Huang, Prosecution wraps up case against City Harvest Church leaders, Channel NewsAsia, http://www.channelnewsasia.com/news/singapore/prosecution-wraps-up-case/991282.html, Posted, 10/02/2014 19:02. (Accessed 12/02/2014.)

CHC Revelations: Poor Explanations Resulted In Resignations

25 Saturday Jan 2014

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The “rats” continue to “jump”.

Channel News Asia reports,

CHC trial: Bond investments “do not make sense”, says auditor

The lead auditor going through the City Harvest Church’s books testified on Tuesday that the bond investments made by the church and some related firms “do not make sense” and had “gone one round”.

SINGAPORE: The lead auditor going through the City Harvest Church’s books testified on Tuesday that the bond investments made by the church and some related firms “do not make sense” and had “gone one round”.

On the stand for the third day, Sim Guan Seng of Baker Tilly was taken through the church’s investments, which were subsequently invested in or loaned to other firms.

These related firms were AMAC Capital Partners, Xtron, Firna and Ultimate Assets.

The church had invested in a “special opportunity fund” (SOF) in AMAC, which was owned by accused Chew Eng Han.

AMAC was the fund manager of the church at that time.

Through documents raised in court, Mr Sim said AMAC then loaned the church’s money to Ultimate Assets, which in turn used the same sum of money and loaned it to Firna, also known as PT The First National Glassware.

Ultimate Assets and Firna are owned by businessman and long-time church member Wahju Hanafi, who testified in the trial previously.

Mr Sim added that Firna then used the same sum to redeem the Firna bond.

He described this as “round one”.

The witness said “the same thing happened” for “round two”, where a similar cycle took place.

In all, the church invested S$11.4 million in AMAC’s SOF in different tranches.

Mr Sim noted the initial sum of S$11.4 million made “one round”.

Mr Sim said adding to the “confusing” transactions was the advanced rental agreement between the church and events company Xtron, which also made “one round”.

Mr Sim told the court that the advanced rental from the church paid to Xtron was used by Xtron to invest in Firna bonds.

Firna would then repay the loan it took from Ultimate Assets and then Ultimate Assets would repay the loan to AMAC.

This made it possible for AMAC to redeem the S$11.4 million bonds bought by the church.

When asked about the significance of these transactions, Mr Sim said it meant that the church started off with an investment in Firna and ended up with advanced rental paid to Xtron in their books.

“Looking at the Excel sheet would lead me to question whether the investments by CHC in SOF… are really investments in the first place or if they are done to facilitate or to help Firna repay the Firna bonds that City Harvest had invested in,” said Mr Sim.

“The amount transferred seems to facilitate that.

“Just looking at this spreadsheet, it seems to be a plan to enable Firna to repay the bond before the end of the financial year. So, that means the SOF investment itself would be a very questionable investment.”

Mr Sim added that this would then raise the doubt that the church and Xtron entered into the advance rental agreement for purposes other than what was represented to him.

The prosecution’s case is that church founder Kong Hee and his five deputies misused millions of the church’s building fund to boost singer Sun Ho’s career.

They alleged that the accused did so through “sham bond investments” in Xtron and Firna.

It is also the prosecution’s case that some of the accused tried to cover up the misuse through what it calls “round-tripping”.

The court heard that the church had previously declared that no money was lost from its kitty.

This is also part of the accused persons’ line of defence.

During the hearing, Mr Sim also said Baker Tilly had resigned as auditors of the church last October.

He said they had conducted their audit for 2010 mid-way and had raised several issues to the management and board but were unable to obtain satisfactory answers, so they decided to step down.

The firm has resigned from Xtron as well.

Mr Sim will be cross-examined by the defence on Wednesday.

Source: By Claire Huang, CHC trial: Bond investments “do not make sense”, says auditor, Channel News Asia, http://www.channelnewsasia.com/news/singapore/chc-trial-bond/961734.html, Posted: 21/01/2014 14:29, Updated: 21/01/2014 23:35. (Accessed 26/01/2014.)