City News
  • Church
    • Church & Missions
    • 中文报道
    • Harvest Magazine
    • 《丰收》纪念特刊
  • Features
  • Interviews
  • Culture
    • CityFamilies
    • Community
    • Eye On Society
    • Lifestyle
  • Perspective
  • Who We Are
  • Who We Are

City News

  • Church
    • Church & Missions
    • 中文报道
    • Harvest Magazine
    • 《丰收》纪念特刊
  • Features
  • Interviews
  • Culture
    • CityFamilies
    • Community
    • Eye On Society
    • Lifestyle
  • Perspective
  • Who We Are
CHC TrialChurch & Missions

CHC Trial: Third Set Of Bonds Questioned

By The City News Team September 5, 2013September 9, 2013
By The City News Team September 5, 2013September 9, 2013

Prosecution questioned Wahju Hanafi on the issuance of Firna bonds to Xtron.

CHC Trial: Third Set Of Bonds Questioned

CN PHOTO ARCHIVE

The City Harvest Church Trial continued today with the prosecution’s questioning of its witness Wahju Hanafi over bonds issued by his glassware company Firna to Xtron.

Deputy public prosecutor Tan Kiat Pheng, referring to several emails regarding the interest rate for the bonds, asked Hanafi who was involved in determining the interest rate. It appeared on emails that lawyers had drafted the rate at 5.5 percent, but ultimately, the rate was decided at 4.5 percent by Hanafi.

Hanafi told the court that negotiations over the interest rate had taken place during face-to-face communications and not over emails.

Hanafi said that Choong Kar Weng and Koh Siow Ngea, the directors of Xtron, had requested for a 5.5 percent interest rate and he negotiated it down to 4.5 percent. He had decided on the lower rate to match the interest rate of Firna’s bonds issued to CHC. This was done when he met them in church and not captured by the chains of email presented by the DPP. The information was then passed on to the accountants.

The prosecution have been relying on emails and documents to make suggestions that Serina Wee and Chew Eng Han, two of the accused, were in control of funds. The prosecution is attempting to show that Firna and Xtron were shell companies used to issue what they call “sham bonds” for the purpose of moving church funds into the Crossover Project.

The Xtron-Firna bond was the main issue discussed in court this morning. Hanafi gave evidence that the bonds came about after Chew had suggested to him to restructure the Firna bonds issued to CHC. Arrangements were thereafter made for the CHC-Firna bonds to be redeemed and for Firna to issue bonds to Xtron instead. Hanafi said this was just a matter of changing the lender.

Hanafi eventually redeemed the Xtron-Firna bonds after he took a US$22 million bank loan. He made the decision to redeem the bonds after anonymous bloggers discussed CHC in March 2010. Besides the redemption of bonds, the bank loan also provided him with working capital for his businesses.

中文报道 –CHC审讯:检方质疑第三组债券

CHCChew Eng HanChoong Kar WengCity Harvest ChurchFirnaKoh Siow NgeaSerina WeeTrialWahju HanafiXtron
0
FacebookTwitterWhatsappTelegram
The City News Team

Related Articles

Pastor Appreciation Month Finale: Celebrating Pastor Kong &...

October 27, 2022

CHC Turns 33: The Joys Of Working In...

May 12, 2022

Derek Dunn: Upholding Kingdom Culture On Both Sides...

March 10, 2022

The Person Of The Holy Spirit: Kong Hee

February 14, 2022

My Fellow Workers: Celebrating Deepavali Together

November 18, 2021

Married? Here’s How Having Marriage Mentors Can Help...

October 16, 2021

Letters From New Citizens: Happy Birthday Singapore!

August 8, 2021

The Person God Can Use: Wu Yuzhuang

March 23, 2021

Coffee With Kong Weekend Edition: The Blueprint For...

March 15, 2021

Online Bible Study Classes: Studying God’s Word Continues

March 11, 2021

Cookout with Pastor Yong

Chap Chye



Claypot Rice



Osmanthus Jelly



Hainanese Pork Chop

City News Weekly

  • Facebook
  • Instagram
  • Youtube

© City News. All Rights Reserved. | Privacy Notice | Terms