Scandal causes sharp drop in Ren Ci donations

Donations to Ren Ci Hospital and Medicare Centre have plunged.

It collected just $1.1 million in the last seven months, down from the $9.3 million that came in over the same period last year.

The beating to the Buddhist medical charity’s coffers comes from the cancellation of its televised charity show, which used to bring in $6 to $7 million; it has also lost its Institute of Public Character (IPC) status, which let it grant tax exemptions to donors.

Its fund-raising activities skidded to a halt last November, when the Health Ministry ordered a probe into its books and suspended its IPC status.

On Tuesday, its former chief executive officer Ming Yi was charged with forgery, helping to falsify its accounts and defrauding the charity to the tune of about $300,000. (story)

Ren Ci continues without CEO

The longtime chief of Ren Ci has stepped aside as a probe deepened this week into an accounting scandal that has dogged the Buddhist charity since November. Venerable Ming Yi, the charity’s chief executive officer, went on leave Monday, the day white-collar crime investigators began pouring over Ren Ci’s books.

The monk’s decision was welcomed on Tuesday by Health Minister Khaw Boon Wan, who called it ‘a professional response.’

Mr Khaw brought in investigators from the police’s Commercial Affairs Department (CAD) on Monday to investigate several million dollars in questionable loans made by Ren Ci.

Some of the firms that received money had strong links to the Venerable Ming Yi, also an abbot at a Geylang Monastery.

His decision to step aside should ‘facilitate the CAD investigation’, Mr Khaw said. (story)

Singapore to set accounting standard

A new council will be formed to set accounting standards for companies, societies, charities and cooperatives in Singapore.

The 15-member Accounting Standards Council, to be led by former Standard Chartered Bank CEO Euleen Goh, will begin operations next Thursday and will take over the role of the Council on Corporate Disclosure and Governance’s (CCDG).

Its mandate is to develop, review, amend and approve financial reporting standards for entities that are under its purview, including charities, as well as small and medium enterprises.

Minister of State for Finance and Transport Mrs Lim Hwee Hua announced the composition of the new council at the annual dinner and dance of Singapore’s accounting body Institute of Certified Public Accountants of Singapore (Icpas) on Friday night.

Besides Ms Goh, the other members of the council include KPMG audit head Tham Sai Choy, PricewaterhouseCoopers’ Mr Yeoh Oon Jin, National Kidney Foundation chairman Gerard Ee, StarHub chief financial officer Kwek Buck Chye, Prof Tan Teck Meng from the Singapore Management University, Mr Yeo Wee Kiong from Drew & Napier, and CEO of the Accounting and Corporate Regulatory Authority, Ms Juthika Ramanathan.

The CCDG’s other role – supervising corporate governance – now falls on the Singapore Exchange and the Monetary Authority of Singapore.

(story)