26 Nov 2007 7:32:00 pm

*shakes head*

REN CI Hospital and Medicare Centre, now under probe for financial irregularities, had contravened certain guidelines on how charities should be run when it gave out interest-free loans.
For example, under the new Code of Governance for charities and Institutions of a Public Character (IPC), it was required to obtain board approval for any loans made by the charity, said Mrs Fang Ai Lian, chairman of the Charity Council, on Monday.

Besides, there was a conflict of interest in Ren Ci's case as its honorary chief executive, Venerable Ming Yi, is one of the owners of a business that Ren Ci lent money to, she pointed out.

The Health Ministry is now probing Ren Ci, one of Singapore's largest charities, after it discovered that it has given out millions of dollars in interest-free loans to various companies. Some of these loans were made, apparently, without board approval.

Also, there were discrepancies between what the charity recorded it had lent and what the companies involved recorded it had borrowed.


MUM's gonna buy wii! HOHOHO.