Here’s the evidence that they’re fools. Or evidence that God’s the model for the Joker , Batman’s foe.
Penny wise, pound foolish?
One thing has puzzled me about the management team’s actions.
It was obvious from the testimony so far that at least his lietenants knew that the way that Sun Ho’s carrer was being funded* could be an issue with the auditors. Hence they claimed they had disclosed everything to the auditors esp to Comrade Brother Foong Daw Ching the head of the audit firm, who they claimed knew everything and was their consultant. Daw and the auditors denied everything, but they would wouldn’t they? Their testimony reminded me of “I know nothing, nothing” German sergeant in Hogan’s Heroes (a tv comedy series in the 70s)
What puzzled me was the absence of lawyers’ advice.
Now we know that Kong and gang only sought legal advice after police questioning
“Shaken to the core” was how the founder of the City Harvest Church felt when he was told by lawyers in early June 2010 that he and his five deputies had been negligent and “had done wrong” in managing the church’s finances.
Recounting yesterday that he had met up with the other accused and two lawyers a day after he recorded his first statement to the Commercial Affairs Department (CAD), Kong Hee, 49, said he had always consulted the lawyers and auditors on the church’s plans, be it bond investments or the financing of his singer-wife Sun Ho’s debut English album in the United States.
Taking the stand for the fourth day, he said: “I was shocked because I thought that all this while, we had relied on professionals to advise us; now one of the key professionals was saying we had done wrong.” (BT 15 August)
Were Kong and his lieutenants too mean to pay for legal advice. Every little penny for Auntie Ho and her Hollywoods friends?
Or did they have a suspicion that lawyers would advice against scheme? Too clever by half then?
Trusted that Kong had line to God
Xtron** had projected album sales of S$16 million in 2011, and S$23 million in 2012. A prosectuorpointed out that given there was neither a distribution contract nor an album contract, the figures were either “false, or at very best, purely speculative”.
John Lam, one of the defendants, said it was his belief in Kong Hee’s ability to make the Crossover Project a success which led to him supporting the church’s investment into the Xtron bonds, despite knowing that Xtron was not a profitable company, and that Sun Ho’s music albums were losing money.
We we now know based on the losses Kong is suffering as a result of his Sentosa Cove penthouse, that he doesn’t have a direct line the
Fock Lok Siew God of Prosperity.
Dozens of houses – complete with their own private yacht berths and multiple swimming pools – sit empty while few lights are on in the apartment blocks overlooking the marina, a few kilometres away from Sentosa’s giant casino.
Prices in the gated community, where Australian mining tycoons Gina Rinehart and Nathan Tinkler bought properties, fell around 20 per cent in the past year as lending restrictions and taxes on foreign buyers burst a bubble in the South-east Asian financial hub’s luxury real estate market.
Investors could see the value of their assets fall even further with developers and investors still struggling to sell even after the recent price falls.(BT 29 August)
Earlier article on Sentosa and Kong.
So why does the congregation still trust that he has a private line to god? Time to sacrifice him to propitiate the prosperity god? Or is CHC the ship of fools?
Not trusting CHC members
If only Khong and gang had trusted the congregation, and raised funds for Sun Ho’s Hollywood lifestyle. It’s clear from their actions: supporting “Project Crossover” after being told how it had been funded, and funding the defence of most of the defendants). Oh ye people of little faith.
To end on a different note,
The court also heard that the money spent on Ms Ho’s US album went “down the drain” when she had to return to Singapore to assist with investigations into the alleged financial irregularities within the church.
It’s obvious that the anti-PAP cyber-warriors hate those who are more well-off than them. Shouldn’t they be cursing the govt for making Kong, Ho and gang lose money, and spoiling her career? Or are the most virulent anti-PAP ranters also envious born-losers?
*The prosecution alleges that payments between the church and Xtron was essentially moving money from one pocket to another. Its case is that the bonds were merely a device to funnel money from the church’s building fund into Xtron to be used for the church’s Crossover Project. Fronted by Ms Ho, the project was the church’s way of evangelising through pop music.
“The idea of using Xtron bonds was so it could be presented as an investment, and hide the fact that you were using building fund monies to fund Sun’s career,” said Lead Prosecutor Mavis Chionh, adding that there were telling signs that the bond investments were not genuine. For example, the church did not carry out due diligence on Xtron before subscribing to the bonds.
Money that went to Xtron was largely used to fund the church’s Crossover Project. In cross-examining former church board member John Lam, the prosecution pointed out that there was no basis for Xtron’s huge projected sales of Ms Ho’s then-delayed US album.
Church monies to the tune of S$4.79 million were used to meet expenses related to Sun Ho’s music albums, and this was something the church leaders had tried to hide, said the prosecution in the trial of City Harvest Church leaders on Tuesday (Aug 5)
**One of the companies the church invested in was Xtron, Ms Ho’s artiste management firm.