SINGAPORE - As City Harvest church founder Kong Hee and four other leaders went to court today to face charges of criminal breach of trust and falsifying accounts, prosecutors revealed more about the alleged misuse of the church's funds.
According to the Straits Times (ST), prosecutors believe that a total of $24 million was invested in alleged sham transactions to fund the pop music career of Kong's wife, Sun Ho.
The funds were said to have been put into a $13 million bond investment with Xtron Productions, while $11 million was allegedly put into another company called PT The First National Glassware.
Deputy Public Prosecutors Christopher Ong and Grace Goh told the court that some of the accused were also believed to have conspired to misappropriate another $26.6 million of church funds so that it would seem like the alleged sham bond investments were redeemed. This is called 'round-tripping'.
"It is the Prosecution's case that these further monies were circulated... to create the false appearance that the purported sham bond investments had been redeemed, when in fact the 'redemption' had been financed using these further monies misappropriated from church funds," they said.
|City Harvest church founder, 4 others charged in court
Click on thumbnail to view (Photos: ST, AsiaOne, Reuters)
|Church leaders questioned over misuse of funds
Click on thumbnail to view (Photos: City Harvest Church, Wanbao, AsiaOne)