Creative Accounting to Get Con Hee Off the Hook?

[makapaaa]

[h=1]City Harvest increases stake in Suntec Singapore to 39.2%[/h]
Published on Jul 22, 2012

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City Harvest Church has upped its stake in Suntec Singapore to 40 per cent. The church increased its effective interest from 20 per cent in 2010 by 19.2 per cent in 2011, announced executive pastor Aries Zulkarnain on Saturday to a cheering 6,000-strong congregation. -- ST PHOTO: MUGILAN RAJASEGERAN


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<!-- storyAds:end -->By Jennani Durai

<!--start of story text-->City Harvest Church has nearly doubled its stake in Suntec Singapore to 39.2 per cent.

This after the church increased its share in the convention centre from 20 per cent, which it acquired in 2010, with an additional 19.2 per cent last year, said executive pastor Aries Zulkarnain on Saturday, July 21, to a 6,000-strong congregation.

Speaking to the congregation during the church's Saturday evening service in Suntec, Mr Zulkarnain said that the church had purchased the additional interest in the Suntec Singapore International Convention and Exhibition Centre at a price of $54 million in 2011.
They had previously purchased their initial 20 per cent stake in 2010 at just under $44 million.

 

[looneytan]

this is just in line with Jesus' teaching _ expanding your material gain

 

[LeMans2011]

Nothing to do with creative accounting.

The mad congregation must have been whispering among themselves, wonder what happened to all the 10% tithes they offered... FattChoy's Sentosa Cove? Xun Ho's albums? So there you go... your funds are safe... in mortar and bricks in the form of additional stake in the 99 years leasehold Suntec.

How come the announcement is made only now??? You mean to say the committee has free hand to play with 54 millions without informing the congregation? Wow..

 

[dredd]

Creative accounting does not justify any crime. A crime remains a crime until proven otherwise in a court of law.

 

[Kinana]

This suntec purchase has nothing to do with their embezzlement case.

 

[Nik1971]

This suntec purchase has nothing to do with their embezzlement case.

Yes, you are right. Heard CHC is planning to buy Raffles City. The reason that Suntec and Raffles City form the letters KH looking down from the Heavens!