Superannuation fund disappears

Blacktown, NSW. February 6, 2012.

A large sum of money maintained in a bank account held by the pastors of the defunct Jesus Almighty God Church are gone, to the dismay of its former parishioners.

Like a game of table tennis, accusations have been thrown back and forth between pastors and parishioners of the Christian congregation. A total of $120,000 have been completely withdrawn over an eight month period since 2010.

Upon the advice of her superannuation fund manager, Mrs. Norma Anderson placed the funds in the bank to shield the effects of the global financial crisis. Out of concern that Mrs. Anderson might make some unwise decision with the money, the fund manager suggested that the latter give a trusted person a Special Power of Attorney. The authority to manage the account was given to Janette de Guzman, a senior pastor in the religious community. The mostly-Filipino church was run by Mrs. de Guzman and her husband Timoteo with a small congregation between 2005 and 2009. Mr. de Guzman told The Sun the church had lent Mrs Anderson’s money to other parishioners with the latter’s blessing.

De Guzman said the deal was for the money to be repaid with interest. But the borrowers failed to repay their debts and the money was lost. However, the Andersons dispute de Guzman’s claim saying that the instruction was for the money to stay in the bank, from which interest would be earned.

A civil claim for the money has been filed against Janette and Timoteo de Guzman. The Andersons have also asked police to investigate the couple who have since filed for bankruptcy. It has been alleged that the Power of Attorney and Bankruptcy Declaration rendered the de Guzmans free from any legal obligation to repay Mrs. Norma Anderson.

According to media reports, “The messy affair continues. Through a solicitor, the Andersons have asked the Financial Ombudsman to investigate whether the de Guzmans own property in the Philippines that they did not disclose when they filed for bankruptcy.”