bond investments, CHC, CHC trial, foong daw ching, Kong Hee, Mdm Foong, Mdm Foong Ai Fang, Mr Foong, Mr Foong Daw Ching, Mr Kannan Ramesh, Ms Ho, Sharon Tan, xtron
Channel NewsAsia reports,
CHC trial: Audit manager not privy to investment details
The audit manager overseeing City Harvest Church’s accounts testified on Wednesday that she had not been privy to details of bond investments or arrangements the church had made.
SINGAPORE: The audit manager overseeing City Harvest Church’s accounts testified on Wednesday that she had not been privy to details of bond investments or arrangements the church had made.
The court heard from Mdm Foong Ai Fang of Baker Tilly that the six church leaders accused of misusing millions of the church’s building fund had left out details of the investment in Xtron bonds.
Xtron is a firm that used to manage singer Sun Ho’s music career.
The prosecution alleges that it is one of the firms used to cover up the misuse of church funds by Ms Ho’s husband and church founder, Kong Hee, and his five deputies through “sham bond investments”.
Mdm Foong, who was the liaison between the auditing team and the church, said that she had no clue when the bonds were redeemed or that arrangements were made for them to be redeemed.
The prosecution took her through several emails and minutes of meetings, as it sought to prove that the six church leaders provided little or left out key information to mislead auditors.
Source: CHC trial: Audit manager not privy to investment detail, Channel NewsAsia, http://www.channelnewsasia.com/news/singapore/chc-trial-audit-manager/981548.html, 05/02/2014 14:00. (Accessed 07/02/2014.)
Channel NewsAsia further reports
CHC trial: Auditors knew about bond investments, say defence lawyers
SINGAPORE: The defence representing the six leaders of the City Harvest Church on Thursday said that the auditors from Baker Tilly hired to go through the church’s books were kept informed of its bond investments.
The lawyer of accused Sharon Tan, Mr Kannan Ramesh, took the lead in the cross-examination of audit manager Mdm Foong Ai Fang.
Through various email exchanges between the church leaders and the auditors, Mr Ramesh sought to show that the entire auditing team had access to information about the bond investments made by the church, from as early as March 2008.
The church had subscribed to bonds in Xtron, the former management firm of singer Sun Ho, for S$13 million.
The agreement was dated August 17, 2007. In particular, the defence brought up a document where a member of the audit team received a copy of the agreement five days later, on August 22, 2007.
On Wednesday, Mdm Foong had testified she had not been privy to details of the bond subscription agreement.
Another point made by the defence — that auditor Mr Foong Daw Ching, who is also Mdm Foong’s brother, had been the overall in-charge when it came to matters relating to the church and Xtron.
In statements and emails raised by the defence, the court heard that Mr Foong had described himself as the consultant partner to the whole of the church’s group of companies. But when asked, Mdm Foong denied having any knowledge of this.
She added that Mr Foong was not involved in the audits of the church or Xtron.
The defence’s case is that the six leaders had sought professional advice from Mr Foong on the various matters, including the bond investments and that they were approved by the auditors.
It is also arguing that Mdm Foong and her team knew that Xtron had raised funds by selling bonds to the church and that this money went into the production of Ms Ho’s album.
Church founder Kong Hee and five deputies are accused of misusing millions of the church’s building fund to boost the career of Ms Ho, through the use of “sham bond investments”.
Source: CHC trial: Auditors knew about bond investments, say defence lawyers, Channel NewsAsia, http://www.channelnewsasia.com/news/singapore/chc-trial-auditors-knew/983400.html, 06/02/2014 14:07. (Accessed 07/02/2014.)