Re: Hundreds of shitty harvest members show up outside court to give support to ah ko
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5 charged with misuse of City Harvest funds, offered S$500,000 bail
Updated 01:10 PM Jun 27, 2012
by Teo Xuanwei
SINGAPORE - Five individuals connected to City Harvest Church (CHC), including founder Kong Hee, have been charged this morning for criminal breach of trust and falsifying accounts, after allegedly using millions from the church's funds to further Sun Ho's career. They were also charged with misappropriating another S$26.6 million to hide their actions.
ong Hee faces three criminal charges of criminal breach of trust as an agent, as does previous church board chairman John Lam, 44. Two others - then board vice-president Tan Ye Peng, 39, and investment manager Chew Eng Han, 52 - face 10 charges, while finance manager Sharon Tan, 36, faces four charges.
They have been offered bail of S$500,000 each, while their passports have been impounded.
Kong and the others charged were greeted by dozens of church members there to offer their support at the courts this morning.
Prosecutors told the court that the misappropriation of CHC's money from its Building Fund, amounting to S$24 million, was done through sham bond investments in two companies, Xtron Productions and PT The First National Glassware.
Some of the criminal breach of trust offences related to a series of complex transactions that a few of the group devised in order to clear the purported bond investments off the church's accounts.
The prosecution said a total of S$26.6 million of CHC funds were moved around to create the false impression that the purported sham bond investments had been redeemed - a process called "round-tripping".
Tan Ye Peng, Sharon Tan and Chew also face four charges of falsifying CHC's accounts to cover up the "round-tripping".
URL http://www.todayonline.com/Hotnews/EDC120627-0000092/5-charged-with-misuse-of-City-Harvest-funds,-offered-S$500,000-bail