“World’s Largest Church” Founder Indicted for Fraud

By Nigel Tomes

Sr. Pastor, David Yonggi Cho charged with Breach of Trust in $9 Million Stock Scheme and $5 Billion Tax Evasion

For years South Korea has boasted about having the “world’s biggest church.”  Yoido Full Gospel Church—a Pentecostal Mega-church in Seoul, Korea—claims to have more than 1 million members. Since 1981 it was designated the largest single congregation in the world by the Los Angeles Times.  Now its founding pastor is being indicted on charges of breach of trust allegedly costing the church over $9 Million in a family stock scam, plus tax evasion to the tune of $5.5 Billion.

Family Stock Scam Alleged

South Korean news sources report that prosecutors indicted Mega-church founder, David Yonggi Cho over a stock deal he brokered whereby the church bought stock from his son at a price three to four times the market value. Allegedly, back in 2002, Cho’s son sold the church (headed by his father) 250,000 shares in a company called “I-Service” at $80 per share, a vastly inflated valuation compared to the market price of $22 per share. As a result he is accused of causing $14.5 million in financial losses to the church. According to the Hankyoreh News agency, (Feb. 27) South Korean prosecutors have already taken Cho’s son Hee-jun Cho (age 48) into custody. Pastor David Yonggi Cho was identified as an accomplice and his indictment is expected soon. In the course of their investigation, prosecutors uncovered evidence of tax evasion to the tune of $5.5 Billion by David Younggi Cho. Although the charges have yet to be proven in court, these events already mark a sad day for the Christian testimony in Korea.

Legitimize Greed as Signs of God’s Grace

Korea’s Hankyoreh News published an editorial, February 28, 2013 entitled, “South Korea’s mega-churches need to be reminded of the Law.” It begins, “David Yonggi Cho's oldest son is currently languishing in prison. Now the father, former senior pastor of the Yoido Full Gospel Church, is himself facing charges of breach of trust…” It continues with a scathing critique of Mega-church leaders’ opulent lifestyles, saying,

“Plundering donations from believers is the worst sin a religious body can commit. Jesus...[told] those who had little to give everything to poor widows and orphans. South Korean churches are a different story altogether. Once they reach a certain level of success, the ministers…hire housekeepers, deck themselves out in designer clothing, drive foreign cars, and send their children overseas to study….They legitimize their greed by viewing their wealth and success as signals of God's grace. In short, they sell God to satisfy their own desires. And the biggest offenders of all are the mega-church pastors, who scandalize everyone with their dynastic attitude toward power.” [The Hankyoreh, Editorial, Feb. 28, 2013]

“Greed Blinded Him to God’s Will”

Turning to this specific case, the Hankyoreh editors declare, “David Yonggi Cho, for his part, has shamed himself and his family by letting greed blind him to the will of God - and by breaking the rules that apply in the secular world. It is now up to our judicial authorities to pass their sternest judgment. Hopefully, the result will be a cleansing experience for mega-churches that are drunk with power and greed.” [Hankyoreh, Feb. 28, 2013]

Building a Family Dynasty

Korea’s Hankyoreh News also criticizes Sr. Pastor David Cho for creating a family dynasty. It alleges that David Cho has “stepped down as senior pastor, but he still exercises tremendous influence through the Full Gospel World Mission. This foundation oversees operations not only at Yoido Full Gospel and 19 other churches, but at a number of other organizations”—including, a newspaper, University, and various Charity organizations. The Hankyoreh News contends that David Cho still wields considerable influence as “governor” of this “Church conglomerate.” Moreover Cho and his relatives hold key positions—David Yonggi Cho is in charge of the World Mission and the Charity Foundation, his wife oversees the University, his first son runs a Welfare organization, and his second son controls the newspaper. Christianity Today’s “Gleanings” reports that Sr. Pastor, David “Cho first came under investigation in 2011, when church elders accused him of embezzling $20 million. Cho also has been criticized for privatizing church assets.” The latter relates to the transfer of church assets into the hands of Cho’s family members, enriching them at the church’s expense—what the News labeled as “plundering.”

The Pope vs. the Pastor

This week Pope Benedict XIV resigned as leader of the world’s one Billion Catholics, relinquishing the power and prestige of the Papal office to live out his days as a “pilgrim.” Pope Benedict has a greater claim than David Yonggi Cho to the title, “leader of the world’s largest church”—the world’s 1.2 Billion Catholics dwarf the one million members of David Yonggi Cho’s mega-church in Seoul, Korea. Yet Pope Benedict took no church assets with him into retirement and leaves no physical descendents as a “family dynasty.” On this score the Roman Catholic Church puts some Protestant Church leaders to shame for their amassing of personal wealth and creating a family dynasty. Of course this contrast reflects the Roman Catholic Church’s vows of poverty and celibacy which ensure no personal property ownership and no progeny. Over against this, Protestant churches loudly proclaim justification by faith, grace rather than law, and the Holy Spirit’s power. Based on their bold proclamations, shouldn’t Protestant churches produce a brighter testimony than their Catholic counterparts that Christ’s kingdom is not of this world nor seeking its power or riches?  

Two thousand years ago, Jesus declared “you cannot serve God and mammon (riches)” (Matt. 6:24). This saying remains just as true today as when Jesus first uttered it. Sadly all too often, successful pastors prove, once again, the validity of Jesus’ words.

Compiled based on News sources:

·         Melissa Steffan, “Gleanings,” Christianity Today, March 1, 2013

·         Kim Tae-kyu & Lee Kyung-mi, staff reporters, The Hankyoreh, Feb. 28, 2013

·         Editorial, The Hankyoreh, Feb. 28, 2013

·         The Chronicle of Philanthropy, Philanthropy.com, Feb. 28, 2013