Re: Wow! So many CHC gong kias queuing outside high court! Brainwashed and delusional
Round tripping in itself is not illegal. It is commonplace in Silicon valley. It may be frowned upon but it is not necessarily criminal
It is only when it is used for tax evasion or money laundering that it becomes a crime.
Different scenarios, Sam.
Here there is a motive - to hide the fact that building funds are used to promote Sun's career and protray the church is not involved in funding.
Hence intention to deceive.
Secondly, it is not open and transparent in the process.
Hence again intention to hide.
Was it not once upon a time our MIW government did claim GIC does not "invest" CPF money? I remember LKY openly saying it. Or did I recall it wrongly? That was a time when few knew what bonds were. Now MIW openly claims GIC investing in CPF funds.
Chew Eng Han is not an investment banker but a financial trader if you know his background, and this structuring of private bonds between 2 parties who had the same beneficiary and "provider" to authorise, is clearly a deficiency of his knowledge and understanding. He may know what are bonds but the scale of it requires an intermediary who can best advise. No bank was involved and so-called lawyers and auditors were not informed of the full extent. It is only when the last auditor revealed his discomfort, they have to scramble for a solution to get funds and hide further. The private banker if approached to do so, will turn it down without a doubt on the basis of the above.
Secondly why would a church want to do bonds in the first place? If Kong Hee has openly declared church funds are involved, this act will not be criminal. Look at another church, FCBC where the chief pastor engaged in magic shows but openly declared the church funds are involved. It was a transfer of funds from church to the entity involved in magic shows and notwithstandingly, you have the same directors (all of the chief's pastor family) in the entity.
Only after this scandal is published, FCBC's pastor quickly announced to the church the extent of the funding. Before this, I doubt anybody has full knowledge of how these funds are used. Members may not have full knowledge.
It is time for organisations to be transparent in their financials. If you want to spend like this, let this be open. Church members, some may be "dumb" but there are enough clear-minded ones who can tell a wrong from right. City Harvest's scandal would never have been exposed without these whistleblowers from the church.
The extent of the scandal is appalling. You have to call upon the state government to address an issue that should be done with proper governance in the religious organisation.