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Tuesday, 14 January 2014

Information kept from auditor in City Harvest case

INFORMATION about allegedly sham bonds at the centre of the City Harvest Church trial had been kept from the auditor in charge of the firm issuing the bonds, a court heard at the start of the third leg of the trial.

Tiang Yii, a partner at auditing firm Baker Tilly TFW, oversaw music production firm Xtron Production’s audit for the period from January to December 2007.

In August that year, the firm signed an agreement to issue up to S$13mil (RM33.6mil) worth of bonds, out of which S$7mil’s (RM18.1mil) worth was eventually bought by the church that year.

Tiang said yesterday she had not seen e-mails shown by the prosecution, in which two of the six accused church members, John Lam Leng Hung and Tan Ye Peng, discussed concerns that Xtron could not repay the money it had borrowed through the bonds in time. — The Straits Times/ Asia News Network

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