Dear Church Family,
On 10 October 2014, City Harvest Church (“CHC”) commenced legal proceedings against AMAC Capital Partners Pte Ltd (“AMAC Capital”) for the recovery of its investments managed by AMAC Capital. The investment manager’s director, Chew Eng Han (“Chew”) was named as a co-defendant pursuant to a Personal Guarantee provided by him in respect of these investments.
These proceedings only commenced after lengthy negotiations between CHC and AMAC Capital broke down. The office of the Commissioner of Charities has been kept apprised of CHC’s attempts to recover its investments amounting to S$16 million plus interest.
On 22 October 2014, CHC obtained default judgment against AMAC Capital after AMAC Capital’s failure to enter an appearance in the proceedings. On 27 October 2014, Chew entered appearance in the current proceedings.
In response to CHC’s claim, Chew raised numerous allegations against CHC in his defence filed on 18 November 2014. One of the allegations includes the assertion that the investment contracts entered into between CHC and AMAC Capital are in fact moneylending transactions and are thus unenforceable at law.
CHC filed its reply on 9 December 2014 completely denying Chew’s allegations. CHC will continue to seek recovery of its investment sums and has instructed its solicitors to pursue an expeditious adjudication by the Court on these issues in the current proceedings.
CHC regrets that it has had to resort to litigation against a former member. However, considering that CHC is accountable to its members and is a registered charity at law, the commencement of proceedings was the best remaining option available to CHC to protect its members’ interests given the fact that AMAC Capital was unable to provide any satisfactory repayment proposal even after lengthy negotiations.
Yours in Christ,
Rev. Aries Zulkarnain
President of the Management Board (on behalf of the Board)
City Harvest Church