Discrepancy at Ren Ci
$200k-$300k, says its CEO
But Venerable Ming Yi is not
worried about MOH probe into charity
Straits Times, The (Singapore)
Prime News
November 9, 2007
Author: Alfred Siew
THE head of the Ren Ci Hospital and Medicare Centre has said that
$200,000 to $300,000 remains to be accounted for at the
multimillion-dollar charity.
The Venerable Ming Yi told the Chinese daily Lianhe Zaobao that he
was not worried about the Ministry of Health's (MOH) probe into his
well-known charity.
What puzzled many about the MOH inquiry, announced on Wednesday,
was the news that Ren Ci may have been making interest-free loans
totalling millions of dollars to various companies from as far back
as 1996.
The Straits Times understands that there appear to be discrepancies
- of several hundred thousand dollars in some cases - between what
the charity recorded it lent, and what the companies involved
recorded as having borrowed.
But the Venerable Ming Yi, who is Ren Ci's honorary chief executive
officer, did not think it was a big problem and told Lianhe Zaobao
that the money was mostly recovered, with only $200,000 to $300,000
still due.
All he would say about the MOH probe was this: 'Let them learn
more, it's not a problem. I'm not worried.'
Last night, he was spotted driving in a dark-coloured car to the
Foo Hai Ch'an Monastery in Geylang East, where he is the abbot. But
he declined to comment when approached by The Straits Times.
MOH said on Wednesday that Ren Ci's status as an Institution of a
Public Character (IPC) would not be renewed at the end of this
month. That means donations to it would no longer be
tax-exempt.
Almost a third of the charity's $30 million income this financial
year came from tax-exempt donations.
Ren Ci was among 12 charities under MOH that had their corporate
governance reviewed from July last year.
One outcome was that Ren Ci was urged to separate the functions of
the chairman and CEO.
The Venerable Ming Yi, who had held both positions, became honorary
CEO, and prominent businessman Chua Thian Poh stepped in as
chairman in September this year.
The ministry's inquiry is expected to take three months.
All was quiet on the charity's premises yesterday morning, though
some visitors expressed surprise that Ren Ci might have been
lending money.
A woman visiting a relative warded at Ren Ci's Tan Tock Seng centre
said it was good that the probe was under way. 'It's a charity to
help poor people, so the funds should first be used to help those
in need,' said the visitor, who wanted to be known only as Mrs
Tan.
Ren Ci has 120 nursing home patients and 324 chronic sick
patients.
Some other charities contacted yesterday were sombre at the news of
yet another charity under probe since the National Kidney
Foundation scandal of 2005 triggered tighter controls on corporate
governance.
Deacon Matthew Kang, spokesman for New Creation Church, said the
news surprised many, but did not think people would stop
volunteering or giving to the church.
Mr Alfred Tan, executive director of the Singapore Children's
Society, was concerned about the impact on public trust and the
difficulty of attracting people to step up as board members.
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ADDITIONAL REPORTING BY LIAW WY-CIN
Copyright, 2007, Singapore Press Holdings Limited
