The CAD and COC should also investigate New Creation Church and Pastor Joseph Prince

[LITTLEREDDOT]

Part of the charge against City Harvest's Kong Hee was his failure to disclose related party transactions.

Joseph Prince's private companies also sold merchandise to the church New Creation Church. Bet you that not all of the transactions have been disclosed.

(C) Schemes to Avoid Disclosure on Related Party Transactions​

7 Between 2006 and 2008, Kong Hee’s company sold over $3 million worthof merchandise to the Charity. The Inquiry also revealed that Kong Hee did notdisclose his interests in these related party transactions in the Charity’s financialstatements. In 2008, Kong Hee “refunded” royalties to the Charity amounting toapproximately $770,000 from the sale of his merchandise to the Charity from 2006 to2008. The return of these royalties was ostensibly motivated by concerns that theCharity’s auditors would require Kong Hee’s royalties to be disclosed as related partytransactions. The amount “refunded” by Kong Hee was concealed as “salesdiscount” given to the Charity. Subsequently, the purported refunds werereimbursed to Kong Hee from the MPA and from CHCKL. Kong Hee’s “refund” ofroyalties to the Charity was therefore cosmetic and he was instead never “out ofpocket”. The Inquiry revealed that the individuals who were aware of the aboveavoidance in disclosure were Kong Hee, Tan Ye Peng, Kelvin Teo Meng How, Tan​

Shao Yuen Sharon, Serina Wee Gek Yin and Tan Su Pheng Jacqueline.