City Harvest Church raises stake in Suntec Singapore to 39.2 percent
Posted by temasektimes on July 22, 2012
The controversial church has come under intense public scrutiny of late following the arrests and charging of five of its members for misusing up to S$5 million dollars of the church funds, including its founder Kong Hee.
During a service yesterday, Executive pastor Aries Zulkarnain made the announcement to the congregation. CHC has initially acquired 20 percent of Suntec through its wholly-owned subsidiary, Urban Property Investments Limited in 2010.
Last year, it acquired an additional 19.2 per cent for a purchase price of S$54 million.
Together with the acquisition in 2010, the church now has an effective shareholding of 39.2 per cent in Suntec for an aggregate purchase price of S$97.75 million.
Kong Hee and four other CHC members will return to court on 25 July in a hugely-awaited trial.