UK probes Ashimolowo’s church

UK probes Ashimolowo’s church
February 16
20:16 2017

The City of London police are investigating an alleged fraud involving a former premier league footballer who lost £3.9 million from Kingsway International Christian Centre, owned by Matthew Ashimolowo.

According to UK Guardian, the footballer lost the money to one of Britain’s richest evangelical churches in a “disastrous investment scheme”.

The criminal investigation follows a Charity Commission report into “mismanagement” at the church, which invested £5 million with Richard Rufus, former Charlton Athletic player.

In 2015, a civil court judge indicted Rufus for operating a Ponzi-style scheme between 2007 and 2011, losing or spending £8 million from several investors.

Rufus was a leading member of the KICC.

Quoting documents it obtained, the newspaper said the church, which is populated by Africans and Caribbeans, collected £5.8 million from its members in 2015.

In 2009 and 2010, the trustees reportedly agreed to give Rufus £5 million to invest after he promised them returns of 55 percent a year at a time when interest rates were less than 1 percent.

As well as millions in donations from churchgoers – which were boosted by gift aid tax relief – it had recently received £10 million from the London Development Agency, a public body that needed to demolish the church’s then home in east London to build the Olympic Park.

“Detectives from City of London police’s fraud teams are investigating,” a police spokesman confirmed. There have been no arrests.

In a damning set of conclusions published in December, the Charity Commission said the trustees “did not exercise sufficient care” when they gave Rufus the church’s money.

The regulator said they failed to check if Rufus had any investment qualifications or experience and gave little thought to the extraordinarily high rate of return Rufus was promising.

The church’s senior management team concluded his “personal guarantee makes this as safe an investment as any” and produced a report on the investment that included no checks on Rufus’s past investment performance or any references from clients.

It is the second time the Charity Commission has had to investigate the church.

In 2005, when it was known as the King’s Ministries Trust, the regulator ordered Ashimolowo to repay £200,000 after it emerged he used church assets to buy a £13,000 Florida timeshare and spent £120,000 on his birthday celebrations, including £80,000 on a car.

New trustees were appointed and Ashimolowo was removed from his role as chief executive.

Last month, KICC issued a statement to deny the involvement of Ashimolowo in the deal.

The statement signed by Dipo Oluyomi, chief executive officer and James McGlashan, chief operating officer for the church said the investment was made seven and a half years ago.

KICC admitted that its trustees made the decision to invest in the scheme, but said Ashimolowo had nothing to do with it.


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