Archive for May 10, 2015

CHC Trial 8, May, 2015 (Day 129-Day 8 Tranche 7)

City News 8 May 2015 Morning 1City News 8 May 2015 Morning 2

http://www.citynews.sg/2015/05/city-harvest-trial-cashflow-given-by-the-americans-showed-that-xtron-could-recover-bonds-says-former-finance-manager/

Another important line from City News.
Xtron directors decided against the Citic Ka Wah loan as the interest was too high.
Prosecution claims Xtron is controlled  by the leaders.
It does not seem to match the evidence whereby the directors did not approve the leaders’ suggestion.

By the way, from City News website, one can tell the trial is quite a breeze for Serina.
She smiles all the way and looks fashionable everyday~~

CHC Trial 7, May, 2015 (Day 128-Day 7 Tranche 7)

City News 7 May 2015 Morning

http://www.citynews.sg/2015/05/city-harvest-trial-church-board-was-fully-aware-and-approved-proposals-to-increase-funds-to-xtron-says-wee/

It was pretty unfortunate that Xtron could not secure the bank loan.
If only it had been a success, it would have prevented many subsequent issues.
Serina mentioned she did not know how the bank viewed CHC-Xtron relationship.
I remember some time back, there was this line, “It doesn’t look good for a bank to sue a church.”
If the bank sues Xtron, it is as if the bank sues CHC indirectly.

Understandably, a bank needs to consider many things before giving loan to Xtron.

CHC Trial 6, May, 2015 (Day 127-Day 6 Tranche 7)

City News 6 May 2015 MorningCity News 6 May 2015 Afternoon

http://www.citynews.sg/2015/05/city-harvest-trial-wee-refutes-prosecutions-accusation-that-boundaries-were-fluid-between-chc-and-xtron/

At the beginning of the trial, it was written on the news out there that in which Serina mentioned in her email not to include Advante, her accounting firm, in a certain transaction.
I can’t exactly remember the context of the news, though.
My first impression was that there was something hidden.
However, after seeing all these details, in turns out Advante is really an independent entity set up to avoid certain conflict of interest.
Hence, it is not a surprise then that it should not be mentioned in a certain email.

That’s the good thing about assuming innocent until proven guilty.