$5m Ponzi Scheme Loss: Ashimolowo Opens Up. Says His Church Made The Investment, Not Him.

For some weeks now there is this story spreading like a wild fire on different media platforms, where it was claimed that the senior pastor of Kingsway International Christian Centre (KICC), Mathew Ashimolowo lost $5m to the MMM ponzy scheme-like in U.K.

Ashimolowo has however comes out to clear the air on the controversial issue. Saying he was not the one who invested in the scheme but his church former trustees.

This was disclosed in a statement signed on behalf of Ashimolowo by the duo of Chief Executive Officer and Chief Operating Officer for KICC, Dipo Oluyomi and James McGlashan respectively.

The statement said the investment was made seven and a half years ago.

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

“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 reads.

“We wish to state that the headline was unfortunate and misleading and has caused damages 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 counselling and support, including educational, bereavement and prayer support.”

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