Kong Hee going to borrow S$45 million.

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* City Harvest through its company UPIL sets up a facility to borrow up to S$45million from Glory Capital, a company 65% indirectly owned by listed company Freight Links Express and 35% owned by a Mr Henry Wee

*UPIL owns 49% of an entity named HPIL that owns 80% of Suntec Convention Centre

*The loan has a duration of 6 years and is at 8% interest

* The loan is secured by a mortgage of UPIL's shares in HPIL

* UPIL is to pay S$13million to Glory Capital as a front-end fee

* Glory Capital has Right of First Refusal (ROFR) to 11.5% of UPIL's shares in HPIL.

http://infopub.sgx.com/FileOpen/Anno...&FileID=252445
 
Sap sap water. Con hee extend territory a little bit more can liaoz.
 
I bet five dollars that Henry Wee is a Christian. ;)
 
Why does CHC need to borrow so much money? Tithe not enough? Followers tightening purse?

This deal structure is so weird.
 
Why does CHC need to borrow so much money? Tithe not enough? Followers tightening purse?

This deal structure is so weird.

Yes me only a layman but looks like its bad deal for city harvest...borrow $45 million and already paid $13 million in fees. Kns machiam legal money lender leh....
Con Hee planning to run road?
 
Think con hee no need run road. All wayang. Save face for everyone. Me very confident con hee boh dai jee. All already aettled. As long no cross pappies line, confirm bo dai jee.
 
Think con hee no need run road. All wayang. Save face for everyone. Me very confident con hee boh dai jee. All already aettled. As long no cross pappies line, confirm bo dai jee.

Yes his best leverage. 33,000 gong cheebyes to bring into PAP's fold....swear allegiance if they are not already part of the 60.1%
 
Wow!.. someone already pocketed 13mil as "front-end fee".

No risk and no work needed!
 
interest rate at 8%??? wah the lender strike it rich man,,unless of course Kong Hee absconds with the money....which is very highly likely...
 
Hard truths about the Arise & Build Fund from the insider.

"The reason why the amount is not announced is because it has fallen short, way short of the pledge amount. Without getting into the specifics, it's much lower than the rental we have to pay for Suntec.

In the previous campaign, KH announced triumphantly that we raised the highest ever even though thousands have left, showing that God is on our side. Did you believe him?

LOL. It was way short too, except that they "borrowed" money to shore up the figures and declared victory. Guess what KH is trying to do this time, before announcing the figures? You will hear the "amount" just before the new ANB season in a couple of months time, if CHC hasn't gone under by the loans yet.

Anyone wondering how the BF amount can be artificially shored up? "Borrowing" was the strategy till KH chanced upon a great cash cow, Legal Fund. How many of you have been pledging and giving to the legal fund? How many were told to stop tithing and giving BF but just give to LF? How many transferred your money faithfully every month to some bank account number? Do you know who the account really belongs to? Do you know how much is already collected? Do you know how the money is really spent? Have you ever asked for the black and white statement of collection and expenditures? Have you received acknowledgement of your giving? (Oops, of course not, we are not supposed to collect LF according to COC). Are you comfortable going against the law?

Fellow members, demand accountability from your board and KH. Despite COC action, guess who is still very much pulling the strings in CHC?"
 
"I was dumb in 2006 to have donated $18k for the CHC building fund.

I was jobless then for a short period and had received a retrenchment compensation, and attended this church. I was taken to believe that the more you give, God will give and what I have received from my retrenchment, supposedly for rainy days during my jobless time, I gave part of this to the church."

http://www.tremeritus.com/2013/05/25/reader-feels-angry-to-have-donated-18k-to-chc/
 
UPIL is to pay S$13million to Glory Capital as a front-end fee

Something fishy about this.

This is 28 percent of the credit facility of $45 million! Are the finance people dumb? Church members should be asking QUESTIONS!!!!!
 
1236677_10151523352131895_1227371801_n.jpg
 
Something fishy about this.

This is 28 percent of the credit facility of $45 million! Are the finance people dumb? Church members should be asking QUESTIONS!!!!!

They already have one dumb nut finance manager in the makings at the church. She is none other than SERINA WEE!!! Poorish amatuer finance person. I wonder how the fook she got the job in the church!
 
They already have one dumb nut finance manager in the makings at the church. She is none other than SERINA WEE!!! Poorish amatuer finance person. I wonder how the fook she got the job in the church!

Her looks.
 
Something fishy about this.

This is 28 percent of the credit facility of $45 million! Are the finance people dumb? Church members should be asking QUESTIONS!!!!!
This used to be a legal loanshark tactics.
Even they stopped doing that liao.
I wonder if this type of arrangement is even legal.
CHC sheep are really gong cheebyes.
 
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