ICSM Business News: Holy cash! SPAC Nation Church wound up over a lack of financial transparency of £1.87 million

ICSM Business News: Holy cash! SPAC Nation Church wound up over a lack of financial transparency of £1.87 million by the Insolvency Service

By Harry Mottram: They may be closer to God but that doesn’t mean they’ll go to heaven. Jim Bakker in America took millions of dollars from his parishioners and Sun Myung Moon of the Unification Church was imprisoned for tax fraud are among a long list of church leaders who have sinned on an industrial scale.

Now in London this month the Insolvency Service has wound up the Salvation Proclaimer Ministries Limited, known as SPAC Nation after it was found a lack of transparency over its finances.

In the High Court on 9 June 2022 before Judge Burton, the Official Receiver as been appointed as liquidator of the company.

Edna Okhiria, the Chief investigator said information was "inconsistent", accounting records inadequate and also said the church operated with "a lack of transparency".

She said: "While SPAC Nation claimed it had noble intentions to support vulnerable and young people, our inquiries uncovered a different side of the charity. There were clear concerns around how the church group managed its affairs and SPAC Nation failed to properly account for income received from donations and other expenditure."

The Insolvency Service said that SPAC Nation also could not provide full data to support claimed donations, nor accounting records in support of £1.87m of expenditure, which are statutory requirements.

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