FOR IMMEDIATE RELEASE
March 14, 2007
Prayer Palace spokespersons respond to Toronto Star allegations
March 14, 2007, TORONTO – The Prayer Palace board of directors issued a statement responding to allegations raised by the Toronto Star. Board spokespersons Dave Ramnath and Frank Fernandes called the claims disturbing, unsubstantiated and incorrect.
The church has practices, policies and procedures in place to protect against questionable business dealings. The Prayer Palace has an independent accountant who is responsible for the books and accuracy weekly as well as a corporate lawyer who regularly attends board meetings. Neither are members of the Prayer Palace congregation.
“A close watch is kept on the church’s accounts to ensure that there are no irregularities,” says Dave Ramnath, a senior advisor to the church’s board. “The church has regular audits – both internally and by the Canada Revenue Agency – which have not identified any irregularities.”
On the issue of running the affairs of the church, the staff does not have a vote. Ramnath noted that the board conducts the business of the church.
“Directors are personally and legally responsible for the business conduct of The Prayer Palace, so we take our decisions very seriously,” says Dave. “That’s why we’ve hired a forensic auditor.”
The board of directors are confident in The Prayer Palace’s records and has retained Bruce Armstrong, a Chartered Accountant (CA) and Certified Fraud Examiner (CFE) to exonerate the church. In the interests of having a clear, transparent and frank discussion of the issues the Prayer Palace board of directors notes they will be happy to share Mr. Armstrong’s conclusions with the media.
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Frank Fernandes and David Ramnath (members of The Prayer Palace board of directors) are available for interviews. To schedule an interview contact:
Peter Turkington
Direct Phone: 905.901.9218
Email: pturkington@stratcommsolutions.ca
