SINGAPORE: As the long-running trial of six City
Harvest Church leaders resumed on Monday (Mar 16) after a month’s break,
co-accused and former investment manager Chew Eng Han reiterated that
he acted as an “advisor” to the church’s key decision-makers and should
not have been held responsible when the church’s bond investments went
into trouble.
Chew and five other church leaders, including church founder Kong Hee, are accused of misusing more than S$50 million in church buildings funds to finance Ms Sun Ho's foray into the United States. The church had sought to use Ms Ho's pop music to evangelise through what it called the Crossover Project.
The prosecution believes S$24 million in church building funds were used to buy sham bonds in two companies, including Xtron Productions. Another S$26.6 million was then allegedly circulated through complex transactions to cover up the first sum.
On Monday morning, the prosecution alleged that Chew and his co-accused persons had intentionally not disclosed the recoverability of the bonds to the church’s board and executive members because they wanted to hide the fact that church funds were used to finance Ms Ho’s music career.
Deputy Public Prosecutor Christopher Ong also suggested that Chew, as an investment manager who “recommended that the church enter into certain investments”, had the duty to inform the church’s board that the bond investments could not be redeemed upon maturity.
Chew, who is the fourth co-accused to be cross-examined, insisted that the idea for the church to lend surplus building funds to fund the Crossover was initiated by Kong and his deputy Tan Ye Peng, also a co-accused. Chew, as he put it, merely “hatched the idea into a bond investment”.
Chew also argued that it was not his duty to inform the church's investment committee of the true purpose of the bond investments, and that they were approved by Kong and key members of the board.
“The prosecution is throwing to me that this is my call and therefore I am responsible for it. It’s totally not true,” said Chew, who added that there was “no way” for him to be confident that the bonds could be redeemed as he was not privy to the progress of Ms Ho’s music career in the United States.
“Your Honour, I think the prosecution is giving me much more credit than I deserve,” he said.
But the prosecution charged that Chew was avoiding taking responsibility for the bond investments and trying to portray himself as an "innocent fund manager" taking instructions from Kong and Tan.
Chew will be back in court on Tuesday.
Chew and five other church leaders, including church founder Kong Hee, are accused of misusing more than S$50 million in church buildings funds to finance Ms Sun Ho's foray into the United States. The church had sought to use Ms Ho's pop music to evangelise through what it called the Crossover Project.
The prosecution believes S$24 million in church building funds were used to buy sham bonds in two companies, including Xtron Productions. Another S$26.6 million was then allegedly circulated through complex transactions to cover up the first sum.
On Monday morning, the prosecution alleged that Chew and his co-accused persons had intentionally not disclosed the recoverability of the bonds to the church’s board and executive members because they wanted to hide the fact that church funds were used to finance Ms Ho’s music career.
Deputy Public Prosecutor Christopher Ong also suggested that Chew, as an investment manager who “recommended that the church enter into certain investments”, had the duty to inform the church’s board that the bond investments could not be redeemed upon maturity.
Chew, who is the fourth co-accused to be cross-examined, insisted that the idea for the church to lend surplus building funds to fund the Crossover was initiated by Kong and his deputy Tan Ye Peng, also a co-accused. Chew, as he put it, merely “hatched the idea into a bond investment”.
Chew also argued that it was not his duty to inform the church's investment committee of the true purpose of the bond investments, and that they were approved by Kong and key members of the board.
“The prosecution is throwing to me that this is my call and therefore I am responsible for it. It’s totally not true,” said Chew, who added that there was “no way” for him to be confident that the bonds could be redeemed as he was not privy to the progress of Ms Ho’s music career in the United States.
“Your Honour, I think the prosecution is giving me much more credit than I deserve,” he said.
But the prosecution charged that Chew was avoiding taking responsibility for the bond investments and trying to portray himself as an "innocent fund manager" taking instructions from Kong and Tan.
Chew will be back in court on Tuesday.
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