City Harvest Church board in discussion over S$310m Suntec stake

City Harvest Church said its management board is in discussion with the relevant parties and a statement will be issued shortly regarding its S$310 million stake in Suntec Singapore.

The church was recently asked by the Commissioner of Charities about this business venture.

City Harvest did not create a separate business entity for the purchase.

There are concerns regarding this arrangement because the church’s income as a registered charity is non-taxable.

During its Sunday service, the church told its members it would update them on the progress of its fund-raising for its new premises next week.

“I think it’s definitely okay because it’s sort of like an additional revenue for the church,” the church said. “It’s not an issue for the congregation, because everything is properly audited, so there’s no conflict of interest whatsoever.”

Source : Channel NewsAsia – 22 Mar 2010

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