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: Auditors Privy To Relationship Between CHC, Xtron And AMAC

By The City News Team January 15, 2014January 15, 2014
By The City News Team January 15, 2014January 15, 2014

Auditor Tiang Yii was satisfied that bond subscription was authorized investment and the use of proceeds were in line with stipulated objectives.

CHC_Trial_Tiang_Yii

CN FILE PHOTO.

The morning session saw senior counsel Andre Maniam bringing prosecution’s 10th witness Tiang Yii through several emails between Tiang, Serina Wee and Foong Ai Fang, an audit manager from Baker Tilly TFWLLP.

When asked if she was aware of discussions Wee had with Foong Daw Ching, then managing partner of the audit firm, regarding the matter of bonds, Tiang said she was not aware, apart from the fact that Foong had asked her to go through these matters with Wee.

With regards to an agreement appointing AMAC Capital Partners as City Harvest Church’s fund manager, the court heard that CHC’s lawyers had advised that AMAC subscribe to the Xtron bonds on behalf of CHC.

Email correspondence showed that Tiang had held an informal discussion with some members of the risk management committee, concluding that church members need not be told about the bond subscription and that Censere would be appointed to assess the fair value of the Xtron bonds.

When she had signed off on the Xtron audit for the financial year 2007, Tiang was aware that CHC’s audit for the year 2008 had already been completed. However, she did not see the need to look into CHC’s audit report.

Tiang, upon the request of Serina Wee, had agreed to remove the name of CHC from Xtron audit reports, and suggested to replace with the term “a church” instead. Tiang had also advised that disclosure of the purpose of the bonds was not necessary to the extent that it did not affect Xtron’s cashflow.

Michael Khoo, senior counsel for Chew Eng Han, established that auditors from Baker Tilly were satisfied that CHC’s subscription into Xtron bonds were authorized investment. The auditors were also satisfied that the use of funds had been disclosed and the use of proceeds was used in line with the stated objectives as stipulated in the bond subscription agreement.

Kenneth Tan, senior counsel for John Lam established that Lam was involved as board member approached by CHC to assist in audit issues.

中文报道: CHC审讯第三阶段:审计师知晓CHC、思创和AMAC之间的关系

Baker TillyCHCChew Eng HanCity Harvest TrialCrossover ProjectJohn LamKong HeeMavis ChionhSchool of TheologySerina WeeSharon TanSun HoTan Ye PengXtron Productions FW
0
FacebookTwitterWhatsappTelegram
The City News Team

Related Articles

Understanding The Dark Nights Of The Senses &...

March 20, 2023

A Call To Be Kings And Queens In...

March 11, 2023

Why We Must Be Good Stewards: Jeffrey Rachmat

February 27, 2023

5 Ways To Live An Unhurried Life Like...

February 6, 2023

Though We Suffer, God’s Purpose Cannot Be Stopped:...

January 30, 2023

Experience The Love Of God In 2023: Kong...

January 16, 2023

Water Baptism: A Family Affair

December 23, 2022

How Dark Times Can Strengthen You: Kong Hee

December 19, 2022

Emerge Service: An XmasTravaganza To Remember

December 15, 2022

3 Ways To Walk In The Love Of...

December 13, 2022

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