Today, 16 March 2015, in the context of the Firna bond, Chew said Foong lied in the court.
During Cross-examination by DPP, Chew said he told Foong that Firna
is going to issue bonds, Wahju is going to use that money to fund the
Crossover Project, using a private vehicle.
DPP: Did you explain to Mr Foong that this whole idea offer the Firna
Bond investment really came about because of a need to avoid disclosure
of the link between the church and the financing of Sun Ho’s music
career?
Chew: Yes. Because they need to avoid disclosure was triggered by
Foong himself. When he told us then he knew that we wanted to solve
this problem, and so now we come back to him with a possible solution
and of course we’re going to tell him, “This is our proposed solution to
avoid disclosure”.
DPP said that Foong evidence on 12 September 2013, he was very clear
in his responses about the Firna or PT The First National Glassware,
that he had not heard about the company.
DPP: Mr Foong’s evidence on this point quite clearly contradicts what
you’ve just said. So are you saying that Mr Foong was lying in court?
Chew: Yes
DPP: And do you know of any reason why he would be lying?
Chew: I think he’s afraid.
DPP: Afraid of what?
Chew: I don’t know. He’s afraid of being implicated, maybe.
DPP: Implicated in what?
Chew: I don’t know, because I’m not Foong. If I was him, I see no
reason to lie…. I think Tan Ye Peng and Serina would testify about this,
your Honour, that Foong was told about this, and all of us are speaking
the truth, your Honour, Foong knew about it. So when he started to
give his testimony on the stand, I think all of us were shocked, because
he is not the same person on the stand as he was in 2007, 2008, 2009,
2010. Yes, my answer is Foong lied when he was on the stand.
DPP: But Foong was not told by you that when it came to the Firna
bond ultimately, if the Crossover profits did not come in, or were
insufficient, the Crossover team would be responsible for helping Firna
find the funds to redeem the bonds. Correct?
Chew: No, because we were not even thinking about that at that time, your Honour.
….
Chew: …. Because Xtron now has a problem with disclosure, and now we’re
using another vehicle that has a relationship with City Harvest again.
…. I didn’t picture to him as if Wahju came to us and says he wants to
issue bonds, will the church buy it? I didn’t put it that way at all. I
put it as it was in that “Mr Foong, you told us Xtron cannot do it” or
rather “Xtron is going to have disclosure issues. We have come up with a
proposed solution involving Wahju, which is one of our members who
believes in the Crossover, and that he’s willing to help us to fund this
Crossover by Firna issuing bonds, and then he’ll use his personal funds
to fund the Crossover”. That’s how I portrayed to Foong. Everything
as it was, your Honour.
<... questions and answers …>
DPP: I put it to you that you are lying when you say you consulted Mr Foong about the Firna bonds before they were entered into.
Chew: I disagree
DPP: I put it to you that Mr Foong was never told that the underlying
purpose of the Firna bonds was to channel Building Fund money to
finance Sun Ho’s music career.
Chew: I disagree.
DPP: I put it to you that you never told Mr Foong that if the
Crossover profits did not come in or were insufficient, the Crossover
team would be responsible to assist. Sorry to find the funds for Firna
to repay the bonds, because that would have made it clear that the Firna
bonds were not a genuine investment.
Chew: Your Honour, I agree that I didn’t tell Mr Foong that, but I
don’t see how that invalidate Firna bonds as a genuine investment. But
the very fact that there were individuals that would support your
Honour, it only makes the bonds stronger. It doesn’t make the bonds
weaker or a sham. I really cannot understand the prosecutor’s case.
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