$5m loss to Ponzi scheme: Ashimolowo says UK KICC trustees, not him, invested fund

Jan 1 2017 - 6:32pm
Ashimolowo

Ashimolowo

Kingsway International Christian Centre (KICC) senior pastor, Matthew Ashimolowo, has defended himself over the $5 million the religious body lost to a ponzi scheme.

According to a press release, signed by Dipo Oluyomi, chief executive officer and James McGlashan, chief operating officer for KICC, the investment, made seven and a half years ago, was done by the trustees of the church and not Ashimolowo as an kindividual.

Here is the full statement:

“The attention of Pastor Matthew Ashimolowo and KICC has been drawn to publication in the media with the headline: ‘Pastor Matthew Ashimolowo loses $5million to Ponzi Scheme’,” the statement read.

“We wish to state that the headline was unfortunate and misleading and has caused damage to the reputation of Pastor Ashimolowo. The sensational headline suggests that Pastor Matthew Ashimolowo lost $5million when INFACT HE DID NOT and did not make the decision to invest.

“Pastor Matthew Ashimolowo is the Senior Pastor of KICC and not her trustee and has never been a trustee of KICC.

“As you are aware from the Charities Commission’s report, the decision to invest was solely that of the U.K trustees without any involvement of Pastor Matthew Ashimolowo.

“Importantly as the report states, it is the trustees who have the responsibility for investing Charity Funds and NOT PASTOR MATTHEW ASHIMOLOWO.

“The investment referred to were made by former trustees on behalf of the Charity over SEVEN AND HALF YEARS AGO. They believed they were acting in the best interest of the Charity and they did not and have not benefited personally.

“Their actions were totally independent and were not influenced in any way by Pastor Matthew Ashimolowo.

“KICC is a Charity whose main aim is to advance the Christian religion in the U.K. and around the world as well as provide local communities with a great deal of counseling and support, including educational, bereavement and prayer support.”

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