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Kong Hee "Xtron is like GIC"!! And who does he thinks he is? Ho Ching??

enterprise2

Alfrescian
Loyal
City Harvest Church board members were told to be discreet about the relationship between the church and music production company Xtron Productions, said the church's finance manager Sharon Tan on Monday (Sep 15).

Tan is one of six church leaders accused of misusing more than S$50 million of funds, and this was her second day on the stand.

The court heard that Xtron Productions was started in 2003 by three church members, to own and manage future buildings that the church could use consistently. Since then, there have been changes in Xtron's directorship. According to court documents, church founder Kong Hee had told attendees this during an extraordinary general meeting on Aug 10, 2008.

He described Xtron as being "like our own GIC" - referring to Singapore's sovereign wealth fund - and said it was the result of members "doing things for the purpose of wanting to fulfil the vision of our church". The company needed to be "friendly" towards the church, such that when they owned a property, they would give the church "priority to rent it whenever we want it, however we want it", he had said.

Kong acknowledged that Xtron needed to have a "track record that it's a viable, profitable company" so that banks and developers and Government authorities would want to work with it.

He also said that for Xtron to be credible, there had to be a separation from the church. To do so, various steps were taken. For example, the church would not hold shares in Xtron, and and Xtron would also organise and manage several secular events.

During the meeting, attendees were asked to apply a "don't ask, don't tell" policy when it came to Xtron. Tan said she understood that Xtron was a "vehicle" that would hold the church's future building.

She added that the church had been in search of a property "for the longest time". The difficulty of finding a venue big enough to hold the church's congregation left commercial property as the only option, rather than land set aside for religious purposes.

The trial continues on Tuesday (Sep 16).

Source: CHC trial: Kong Hee said Xtron was like City Harvest's "own GIC" - Channel NewsAsia
 

winnipegjets

Alfrescian (Inf)
Asset
Ordinary Roy was right to compare the PAP Government and the CPF to the CHC affair then!

Does LHL have a case to sue now?

Aside, sinkees don't want to sue Ordinary Roy. So, LHL should sue Ordinary Roy in his personal capacity instead. Save taxpayers' money.
 

Dark Knight

Alfrescian (Inf)
Asset
One try to act smart by investing using "deposited fund".
The other try to be smart by investing using "donated fund".
 

Capano2121

Alfrescian
Loyal
Maybe he was referring to the fact that they are exactly just like GIC plenty of funds to draw from suckers and idiots running the place!
 

frenchbriefs

Alfrescian (Inf)
Asset
Maybe he was referring to the fact that they are exactly just like GIC plenty of funds to draw from suckers and idiots running the place!

exactly thats why the need for secrecy,this is what happens when people poke their nose around too much,a breach in national security occurs and drastic consequences.
 

Confuseous

Alfrescian (Inf)
Asset
Would PM Lee be suing Kong Hee for this sort of comparison? :eek::eek::eek:

Or should Roy ask Con Hee to be put on the witness stand and explain what he meant by his comparison?
And Con Yew's son can also ask questions before deciding whether to sue or not.
 
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