Third prosecution witness revealed that a single member of the church, Wahju Hanafi, bore the risk for the Crossover project.
CN PHOTO: Seth Gan.
Today’s afternoon session of the CHC trial continued with prosecution questioning its third witness Koh Siow Ngea on a guarantee agreement signed by Koh and three of the accused, Kong Hee, Tan Ye Peng and Chew Eng Han. The agreement in question was a back-up guarantee for Wahju Hanafi’s guarantee for the Crossover Project, in the event that the Crossover incurred losses.
When questioned why he had signed the guarantee agreement, Koh replied that he had complete faith in Hanafi’s ability to underwrite the Crossover Project, adding that Hanafi was a man of “high worth”.
[soundcloud id=’93190477′ width=”100%”]
Prosecution took the court through the advance rental license agreement between Xtron and the CHC board of trustees, how that agreement was refunded, the restructuring of Xtron bonds, and the purchase of the Riverwalk property—all in an effort to show that the bonds were not genuine.
The defense will begin cross-examination of Koh tomorrow morning.
