Hillsong hopes rest with the good Doctor

Affinity Capital creditor Dr Leslie Indrasith.
Photo: SiN Images.

THREE former directors of Affinity Capital Pty Ltd yesterday submitted to questioning as part of an ongoing public examination into the firm's spectacular collapse. (See: Hillsong stung by Affinity fallout )

Dr Leslie Indrasith (pictured) invested $400,000 with Affinity Capital Pty Ltd in May, 2008 after meeting Affinity director Daniel Ku at the Hillsong church in Castle Hill.

Affinity Capital was the financing and trading entity of the Affinity Capital Group, which comprised multiple related companies.

Dr Indrasith asked for his money back in June 2008. Affinity's directors declined to comply. 

On October 10, 2008 most of the Affinity Capital Group companies were placed in voluntary administration. 

Two companies – Affinity Alliance Fund and Acuity Property Fund – were placed into liquidation. 

Hillsong stung by Affinity fallout

Bankrupt ex-Affinity director
Daniel Ku. Photo: SiN Images.

THERE’S plenty of forgiveness in the Castle Hill chapter of the Hillsong church.

Three years after dozens of parishioners lost almost $5 million in bad property investments spruiked by two church members, SiN understands the pair still attend services.

Forgetting however, is not as easy. Former church member Dr Leslie Indrasith lost $400,000 investing in the high-yield property investments promoted by his fellow church goers, Daniel Kaming Ku, 40, Adrian Ming-Chi Chen, 36 and Darren Garwai Chek, 35.

The three men were founders and directors of Affinity Capital Pty Ltd, a property investment business that grew out of their work as mortgage brokers.

They initially funded Affinity through a mixture of loans from financial institutions, family members and friends.

But after the group collapsed in late 2008 owing almost $15 million to unsecured creditors, extensive investigations by liquidator Gavin Moss found no compelling evidence of fraud or Corporations Law breaches.

What Moss did find was a litany of the failings so prevalent across the property development sector.