Back To Entertainment :)Shi Ming Yi’s investments under spotlight in court.
The Founder & Former Head Of Ren Ci Hospital Took Centre Stage On Friday In The Trial Involving Him & His Former Personal Assistant.
Shi Ming Yi & Raymond Yeung face Charges Of Lying To The Commissioner of Charities & Forging Documents, Among Others. The two allegedly tried to hide an unauthorised loan of S$50,000 Made Out In May '04 To Help Yeung Pay For Renovations To His Hong Kong Flat.
Within 11-years, He Also Invested In Five Properties , Two In Singapore & The Others In Australia. The Five Properties Include a Penthouse, A Condominium & Houses, Came Up To More Than S$5.5 Million. Some Of The Investments Were Made At A Time Of Financial Difficulty, Faced By Both Ren Ci & Foo Hai Ch’an Monastery, Which Ming Yi Aas Managing.
Mr Singh To Question The Monk’s Rationale In Making The Investments & He Asked The Former Ren Ci CEO Why He Did Not Sell His Properties To Raise Funds For The Two Organisations, He Said ' He Was Actually In Debt. But, The Court Heard That Ming Yi Managed To Purchase Land In Perth To Build A House Even When He Was Still In Debt. He After Said Knowledge It Was His Mistake.
Meanwhile, In The Same Year That He Bought The Plot Of Land, The Monk Also Bought A Horse, A BMW Car As Well As Country Club Memberships For Himself & A Former Ren Ci Staff. When He Was Being Question, He Said That He Doesnt Recalled Buying A BMW.
Evidence Produced In Court On Friday Also Showed That In October'05, Ming Yi Received More Than S$270,000 For The Sale Of His Settle Property.
Of The Three Properties Ming Yi Acquired In Australia, Two Were Bought Together With Yeung. Ming Yi Said This Was Because He Needed Yeung’s Help In Buying Australian Property As The 33-year-old Is An Australian Citizen Living In HK.
The hearing will continue on Monday.
