| |
| |
 |
| |
|
| |
|
| |
|
SINGAPORE : City Harvest Church has sought to clear the air surrounding the confidentiality of its deal to co-own Suntec Singapore International Convention and Exhibition Centre.
In a two-page notice to its members on Sunday, it explained that it had signed a non-disclosure agreement.
This makes the megachurch a party to the Shareholders Agreement.
It has to keep confidential all matters and details relating to the Suntec transaction, including the share price and the percentage of shares acquired.
However, the church was entitled to, and did, disclose details of the transaction to the relevant authorities, namely the Commissioner of Charities and the Urban Redevelopment Authority.
The notice added that when the church tried to give its members some information about the transaction, other shareholders felt that doing so would be a breach of the church's obligation of confidentiality.
On April 1, the Board of City Harvest Church received a letter from solicitors acting for various other shareholders, reminding the church of its obligations of confidentiality and the need to adhere to them.
The church has since engaged law firm Drew and Napier to review the situation and was advised that further disclosures may be regarded as an "Event of Default".
And there is a possibility that the church will be obliged to sell its shares to the non-defaulting shareholders at a substantial discount.
The church also said there is a "strong and unfounded allegation" floating online that the Management Board and Reverend Kong Hee are "deliberately concealing a number of embarrassing facts from its members".
It said the allegation is "furthest from the truth".
Turning to the sum of S$310 million which has been at the centre of much debate, the church explained that the money was spent on eight expenditure items, including the shares bought, renovation costs, and committed rentals.
The church noted that its only continuing financial liability will be the committed rental costs for the use of Suntec Convention Centre.
In the event of non-payment, creditors have a cause of action against the assets of the church, but members are not personally liable. - CNA/ms
|
