NCC revelation - 24/3/2013

John the Baptist

John the Baptist is the greatest of the phophets. His style is harsh. He represented the law. He and Jesus are actually cousins.

Luke 7: ²⁸ I tell you, of all who have ever lived, none is greater than John. Yet even the least person in the Kingdom of God is greater than he is!”

Luke 7: ³³ For John the Baptist came neither eating bread nor drinking wine, and you say, ‘He has a demon.’³⁴ The Son of Man came eating and drinking, and you say, ‘Here is a glutton and a drunkard, a friend of tax collectors and sinners.’

Jesus Calls Levi (Matthew)

Luke 5:²⁷ Later, as Jesus left the town, he saw a tax collector named Levi sitting at his tax collector’s booth. “Follow me and be my disciple,” Jesus said to him. ²⁸ So Levi got up, left everything, and followed him.

²⁹ Later, Levi held a banquet in his home with Jesus as the guest of honor. Many of Levi’s fellow tax collectors and other guests also ate with them. ³⁰ But the Pharisees and their teachers of religious law complained bitterly to Jesus’ disciples, “Why do you eat and drink with such scum?^[e]”

³¹ Jesus answered them, “Healthy people don’t need a doctor—sick people do. ³² I have come to call not those who think they are righteous, but those who know they are sinners and need to repent.”

Jesus called Levi (Matthew) a tax collector to be his disciple. A tax collector is a social outcast. They are not allowed to go to synagogues and are cut off from their family.

Pharisees and Feasts

The pharisees actually sees Jesus as teacher and often invites him to feast to test him. When you  invite Jesus as a teacher, he will talk in parables. When you invite him as savior, he is most welcomed. When they were at the feast, each man was actually sitting with one arm rested on table and his legs laid behind. Here is an account of Simon (Chief Pharisee)'s invitation to Jesus to one of his feasts. A woman (Harlot) whom Jesus had touched earlier came with her precious alabaster jar of perfume to wash and kiss Jesus feet. In Jesus' time, the wages for a day works is 1 denarius. The woman needs to save up 1-2 years of work for this alabaster jar. In Greek translation, there is a different between done once for all (perfect tense) and the need to do regularly (present tense). Friends, do not be deceived!  Once you are saved, you do not need to be saved again and again. Only lies will tell you that you need constant forgiving to justify yourself. Do not lower the level of Jesus' blood to that of a bull and animals, where they have to do it regulary every year. Jesus stood outside time, gathers all your past sins & future sins and paid fully on the cross.  The devil is behaving like the lion and seeking whomever he may devour. The devil is trying to imitate the lion of Judah and instil self-condemnation onto you.

Jesus Anointed by a Sinful Woman

Luke 7: ³⁶ When one of the Pharisees invited Jesus to have dinner with him, he went to the Pharisee’s house and reclined at the table. ³⁷ A woman in that town who lived a sinful life learned that Jesus was eating at the Pharisee’s house, so she came there with an alabaster jar of perfume. ³⁸ As she stood behind him at his feet weeping, she began to wet his feet with her tears. Then she wiped them with her hair, kissed them and poured perfume on them.

³⁹ When the Pharisee who had invited him saw this, he said to himself, “If this man were a prophet,he would know who is touching him and what kind of woman she is—that she is a sinner.”

⁴⁰ Jesus answered him, “Simon, I have something to tell you.”

“Tell me, teacher,” he said.

⁴¹ “Two people owed money to a certain moneylender. One owed him five hundred denarii,^[c] and the other fifty. ⁴² Neither of them had the money to pay him back, so he forgave the debts of both. Now which of them will love him more?”

⁴³ Simon replied, “I suppose the one who had the bigger debt forgiven.”

“You have judged correctly,” Jesus said.

⁴⁴ Then he turned toward the woman and said to Simon, “Do you see this woman? I came into your house. You did not give me any water for my feet, but she wet my feet with her tears and wiped them with her hair. ⁴⁵ You did not give me a kiss, but this woman, from the time I entered, has not stopped kissing my feet. ⁴⁶ You did not put oil on my head, but she has poured perfume on my feet.⁴⁷ Therefore, I tell you, her many sins have been forgiven (perfect tense)—as her great love has shown. But whoever has been forgiven (present tense)  little loves little.”

⁴⁸ Then Jesus said to her, “Your sins are forgiven (perfect tense).”

⁴⁹ The other guests began to say among themselves, “Who is this who even forgives (present tense) sins?”

⁵⁰ Jesus said to the woman, “Your faith has saved you; go in peace.”

AMAC Ponzi scheme

More on the missing $18,000,000 A&B Fund invested with CEH's company, AMAC Capital.....

CHC had invested its fund in tens of millions with only one fund management company, AMAC Capital, a company founded and majority-owned by one of the CHC Board member at the time of investment, Mr Chew Eng Han.

The fund was invested through more than 40+ tranches in AMAC's Special Opportunities Funds (SOFs) ...over many years. These funds gave fixed coupon return to CHC.

There were many red flags in these investments:

1) AMAC Capital, though licensed by MAS, has had no previous track record in fund management.

2) AMAC Capital, being founded and majority-owned by a board member, was involved in a related-party-transaction (RPT), which entails stringent compliance requirements by the authorities that full disclosure must be made to the CHC congregation.

3) AMAC Capital, in giving a fixed coupon return to CHC and being given a free hand to invest the fund, was naturally encouraged to take extraordinary risks to generate high return for the SOFs, in order to generate huge profit for AMAC Capital.

4) These tranches of investment in SOFs ran the risks of a ponzi scheme where new tranches of investment were used to redeem older/matured tranches. This increases the risks of losses to be hidden till it reaches catastrophic failure.

Lo and behold, AMAC Capital could not redeem four of the tranches, amounting to $18,000,000, after CHC stopped putting in fresh investments due to the investigations.

Those involved in this questionable investment of CHC fund may feel that they are protected as the Board of Directors had approved the Investment Mandate drawn up by the Investment Committee.

Just because some people in leadership positions colluded to draw up an unfair, one-sided Investment Mandate, those who participated in this ponzi scheme that squandered $18,000,000 of a charitable organization can walk free, with their heads held high.

Do you think the authorities should investigate how the $18,000,000 went missing to prevent similar instances from recurring in future?

AMAC have investment in SGX-listed Transcu

Transcu gets SGX nod to resume trading

28 September 12  The Business Times  by Lee Meixian

THE Singapore Exchange Securities Trading (SGX-ST) has given Transcu Group the nod to resume trading on SGX, more than three months after the troubled biotechnology firm submitted its resumption proposal to the Exchange.
Transcu had requested a trading suspension in June last year as it was facing immediate cash-flow problems and had incurred three consecutive years of losses.
Its efforts to raise necessary long-term funding to keep the company afloat had taken longer than usual, it said in a note to shareholders.
Yesterday, Transcu said in a stock filing that SGX had agreed in-principle to lifting the company's trading suspension, subject to satisfaction of the several conditions.
First, Transcu has to obtain shareholders' approval at an extraordinary general meeting for its proposed issue of redeemable 3 per cent convertible bonds worth $13.6 million in principal amount. SGX needs to at least be satisfied that the company will obtain such approval.
Transcu is, however, entitled to draw down the proceeds from its proposed subscription of 66.7 million new ordinary shares at 4.5 Singapore cents for each subscription share to Asia Green Technology Inc.
And Asia Green needs to give SGX its word in a written undertaking that it will not transfer or dispose of any of the bonds or conversion shares, either directly or indirectly, for six months following the lifting of the trading suspension.
The share subscription and the bond issue will give Transcu an initial $7 million in cash combined.
The Exchange also requires written undertakings from various other parties not to transfer or dispose of their shares for six months.
Group founder and CEO Akihiko Matsumura needs to agree to the six-month moratorium, as does Amac Capital Partners, which owns consideration shares arising from a 6 per cent acquisition in Forest Pine Group Pte Ltd as part of Transcu's restructuring plans.
Amac Capital Partners also became a substantial shareholder of Transcu after it agreed to issue Transcu a $6 million equity line facility in September last year.
The Exchange also wants confirmation from the board of Transcu that it will consult SGX-ST whenever it proposes to inject capital into or acquire any securities of Forest Pine, or extend any loan to or provide any guarantee in respect of any loan granted to Forest Pine.
It also wants the board's confirmation that it will comply with listing regulations on interested person transactions for all transactions between Transcu and Forest Pine for as long as Forest Pine continues to be owned by Mr Matsumura or persons related to him.
"The company is currently working with SGX-ST towards satisfying the above-mentioned conditions," Transcu said.
Transcu had submitted a proposal to SGX-ST on June 8 this year to resume trading, supporting it with details of its fund-raising exercise - the share subscription and bond issue - as well as progress made in its research and development efforts in biomass technology. The latter had led to an inked deal that would yield several streams of revenue and open doors for more, it said.
The board, in its proposal, said it believed that proceeds from the fund raising will give it short-term working capital to tide over the difficult period, while its R&D efforts will pay off in the long run when the company starts generating revenue from its green technologies and products.

Background information
 Chew Eng Han  holds 375,000,000 shares of Transcu, a SGX-listed company. He owns the fund management company, AMAC Capital, that holds another 68,000,000 plus shares of Transcu. (source: Bloomberg)
AMAC Capital is the fund manager for City Harvest Church.
Other interesting facts:

1. Transcu ex-COO/CFO JENALINE LOW CHOH GEK(just left in Nov 2012) was an ex-staff of City Harvest Church wholly-owned charity arm, CHCSA, just before joining Transcu.
2. The newly appointed Transcu CEO LAWRENCE RIKIO KOMO, husband of well-known persoanlity, Nanz Chong, is also an active member of City Harvest Church. Lawrence Komo is known to be an ex-member of the Investment Committee of City Harvest Church, just before he became the Independent Director of Transcu.