Author Topic: Founder of Singapore's largest megachurch arrested over SGD23mil accounting hole  (Read 1683 times)

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Offline armandtanzarian

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http://www.asiaone.com/News/Latest%2BNews/Singapore/Story/A1Story20120626-355542.html

Hypocrisy is a universal trait. The founder of Singapore's largest megachurch (and most arrogant, and in Singapore that's an achievement) has been arrested over financial irregularities in his charity estimated at SGD23 Million (almost 18 million USD).

Quote
In early 2010, the Commissioner of Charities (COC) received complaints alleging the misuse of the charity's funds. It informed the Commercial Affairs Department (CAD) when it assessed that some of these financial transactions may need to be investigated by the CAD.

The COC's inquiry revealed misconduct and mismanagement in the administration of the charity, particularly in relation to the funds that were in the Building Fund which had been raised and earmarked for specific purposes.

Financial irregularities of at least $23 million from the Charity's funds have been discovered.

These funds, said the COC, were used with the purported intention to finance Ho Yeow Sun's secular music career to connect with people.

Basically, through multiple accounts in Singapore, Malaysia and the US, the Church has been engaged in a elaborate scheme to funnel money from the charity affiliated with the church to launch a music career. I could not make this up.

Offline Old Viking

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Once again I am shocked!  Shocked!
I am an old man, and I've seen many problems, most of which never happened.

Offline armandtanzarian

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Oh, and the wife's music career that apparently cost the church SGD50 million?

<a href="http://www.youtube.com/watch?v=4Ya3Hqu_-cg" target="_blank">http://www.youtube.com/watch?v=4Ya3Hqu_-cg</a>

What a work of Godly art.

Offline czechmate

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FYI, Singapore still has the death penalty for fraud on that scale.
Unfortunately the Mega Churches are on the prowl in packs, but I'm surprised the Singaporeans have allowed them to flourish.
It is a country with the lowest degree in corruption, their students regulary score double-A's at Oxford and Cambridge, poverty there is virtually non-existant, their pension system perhaps the best in the world.
Having lived and worked with Singaporeans many times over the last 6+ decades, the only thing I didn't like about them was their lack of humour.