CHC Trial

Cross-examination of Tan Ye Peng by the prosecution moved on to the round-tripping charges today.

While the prosecution sought to prove that it was Tan Ye Peng and his co-defendants’ idea to get the bonds off City Harvest Church’s books, Tan testified today that they did it because of their impression that auditor Sim Guan Seng preferred the bonds gone.

In discussing various worst case scenarios pertaining to Xtron’s investment into the Crossover Project, Tan Ye Peng did not think that he was committing wrong, a view he has maintained throughout his time on the stand thus far.

While Tan Ye Peng and the other co-accused had relied on Wahju Hanafi’s commitment to sponsor the Crossover Project, it was only formalized on paper in 2010 for accounting reasons, Tan explained in court today.

The deputy senior pastor maintains that he and co-accused were genuinely trying to seek advice from auditor Foong Daw Ching, a point the prosecution is challenging.

Tan Ye Peng maintains that the church board, along with its fund manager Chew Eng Han, were responsible for ensuring the legitimacy of the bonds.

Tan Ye Peng maintains that it was at a meeting with Foong Daw Ching that the auditor advised discretion in representing the sensitive relationship between CHC and Xtron.

While the prosecution alleged that the auditor was not “explicitly told” that Xtron was a special purpose vehicle, defendant Tan Ye Peng maintained that Foong Daw Ching had knowledge of the dual purpose of investments into Xtron and Firna.