Serina Wee and John Lam, who are among the former leaders of scandal-rocked City Harvest Church, have been stripped of their membership from the Institute of Singapore Chartered Accountants (Isca). Isca is Singapore’s national accountancy body.
Mr. Lam and Ms. Wee were removed from Isca on April 9, 2018, according to the institute’s website.
In years past, Ms Wee served as the finance minister of City Harvest Church, and Mr. Lam served on the finance committee. Along with four other leaders of the church, they have been found guilty of misappropriating $24 million from the building funds of the church via bond investments in Firna, a glass maker, and Xtron, a music production company. These investments proved to be a scam, and the six former church leaders also misused $26 million in an attempt to cover up the scam.
The funds that the group of leaders misappropriated were channeled toward the singing career of Ms. Ho Yeow Sun, the wife of the founder of City Harvest Church, Kong Hee. Mr. Kong has also been convicted of criminal activity.
Ms. Wee and Mr. Lam, who have been given jail sentences of two years and six months and one year and six months respectively, have also been directed by the disciplinary committee of Isca to each pay around $1,352 for the expenses spent on the investigation and disciplinary proceedings for their wrongdoings.
It is mandated in the code of ethics of Isca that members of the body must behave in a way that is “consistent with the good reputation of the accountancy profession,” and that they must not perform actions that could discredit themselves or their profession.