UK regulator freezes over 100 bank accounts linked to Mountain of Fire Ministries for financial mismanagement

UK regulator freezes over 100 bank accounts linked to Mountain of Fire Ministries for financial mismanagement

The UK’s Charity fee has frozen the assets of the Mountain of furnace and Miracles (MFM) Ministries worldwide, founded with the aid of Pastor Daniel Olukoya, over what it defined as serious transparency and governance worries.

In a record released on Monday, the commission said it launched a formal inquiry into the church after identifying “economic concerns,” inclusive of the alleged misappropriation of charitable finances.

The research revealed that trustees of MFM’s united kingdom charity arm couldn’t demonstrate ample oversight or control over more than one hundred financial institution debts operated independently by using character branches.

“many of the charity’s economic troubles stemmed from its complicated form, which had grown from a handful of branches to over ninety locations nationwide, without the corresponding governance enhancements,” the report said.

according to the fee, “Branches operated autonomously, starting bank bills except central oversight and failing to document profits in a well timed technique. This created widespread dangers to charitable budget and resulted in misguided economic reporting. additionally, department places of work were making widespread monetary decisions, along with property purchases and rent agreements, except trustee understanding or authorisation.”

The regulator stated the dearth of right oversight with the aid of trustees led to financial losses for the charity. “as a result of its findings, the commission took action to freeze the charity’s assets to save you further loss,” the report added.

Dan Aibangbe, a spokesperson for MFM, did no longer right now reply to requests for remark.

This isn’t the primary time the church’s uk branch has faced scrutiny. In 2019, the Charity commission appointed an meantime manager to supervise MFM’s affairs following repeated disasters to post economic statements on time and what it defined as “serious administrative weaknesses” that allowed for capacity financial losses.

The commission additionally took comparable movement in opposition to Christ Embassy, the UK arm of Pastor Chris Oyakhilome’s church, after raising comparable concerns approximately economic management and accountability.