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Serious City Harvest Church founder Kong Hee released from prison

CoffeeAhSoh

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SINGAPORE: The founder of City Harvest Church was released from jail on Thursday (Aug 22) after doing his time for his role in misusing millions of church funds, a day ahead of his 55th birthday.
The pastor walked free from Changi Prison about two years and four months after surrendering himself at the State Courts to begin his jail term. Inmates typically serve two-thirds of their sentences before being released on remission.

Mr Kong was sentenced to three-and-a-half years' jail, the longest term meted out to six church leaders for their involvement in misappropriating S$50 million in church funds.

Read more at https://www.channelnewsasia.com/new...rvest-church-founder-released-prison-11829342

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This sentence had been reduced from eight years’ jail upon appeal, along with the rest of his co-accused who had their terms shortened.
The other five are: Former deputy senior pastor Tan Ye Peng, former finance managers Serina Wee and Sharon Tan, former finance committee member John Lam and former fund manager Chew Eng Han.
The six of them were convicted in 2015 after a trial spanning 140 days and were originally sentenced to between 21 months and eight years' jail, terms that were later reduced significantly upon appeal.

Read more at https://www.channelnewsasia.com/new...rvest-church-founder-released-prison-11829342
 
CoffeeAhSoh

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Mr Kong began serving his sentence on Apr 21, 2017, along with four of his co-accused. In his last message on social media before surrendering at the State Courts, he said he had reflected deeply and was at peace with what was ahead.
He said then that he was “extremely saddened” by the prospect of having to leave his family and church, but was ready to face what was to come “with the peace and grace of God in my heart”.

Read more at https://www.channelnewsasia.com/new...rvest-church-founder-released-prison-11829342
 
CoffeeAhSoh

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Rev Seaward was involved in a controversy in 1986 when he and other pastors called for the sharing of the Christian faith to all Singaporeans.
He was also convicted in 1992 of conspiring to cheat Hong Leong Finance over the hire-purchase financing of about $140,000 worth of audio and musical equipment. In mitigation, his Queen's Counsel had urged the court to consider how the offence was technical rather than a real offence of dishonesty, as well as Rev Seaward's work for the community.

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CoffeeAhSoh

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City Harvest Church might be reeling from last week's verdict when six of its leaders were found guilty of misappropriating $50 million of church funds, but its investment in Suntec Singapore Convention & Exhibition Centre is still making money. The church owns a 39.2 per cent stake in Suntec Singapore Convention & Exhibition Centre. It used to be a pure convention business, separate from the retail arm Suntec City, but with the refurbishment, the convention centre also added on a retail portion that has anchor tenants such as fashion stores H&M and Uniqlo. Suntec Singapore's third quarter announcement this year states that its revenue for the period was $23.1 million, a 35.3 per cent increase compared with the same period last year.
Last November, The Straits Times calculated that City Harvest earned a paper profit of about $162 million over five years and its stake there was worth about $260 million. The value of this property has also been reported to have nearly tripled after refurbishment works were completed in 2013. The church first got involved with Suntec Singapore in 2010, when its wholly owned subsidiary, Urban Property Investments Limited, acquired a 20 per cent effective shareholding in Suntec Singapore for a total of $43.8 million. Two years later, it took up another 19.2 per cent stake for $54 million. In total, the church spent $97.8 million on its stake in the property. The remaining 60.8 per cent effective shareholding is held by Suntec Harmony, a wholly owned subsidiary of Suntec Reit. Natasha Ann Zachariah

https://www.straitstimes.com/lifestyle/home-design/suntec-stake-still-making-money-for-city-harvest
 
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