The Tibet Fund Clarifies On $1.5 Million Loan Money

Today in a statement issued by The Tibet Fund Chairman clarified about the $1.5 million loan money used in the purchase of the building for Office of Tibet in Washington D.C. back in 2014. The statement says that it is being issued in view of the fact that there has been going a discussion about the loan money in the Tibetan community.

“The Tibet Fund entered into a $1,500,000 loan agreement with the Office of Tibet on March 31, 2014 to facilitate the CTA’s purchase of a building in Washington D.C. The loan is scheduled to be repaid in thirty years. All of the terms concerning the loan were agreed and confirmed in written documents consistent with customary legal practice in New York. At the request of Office of Tibet, the loan was made to the Tibetan Community Development Fund Inc.” said the statement from The Tibet Fund.

“At the time the loan was made, both the Board of Tibet Fund and the CTA hoped and expected that at some point the loan would be forgiven and the full amount would then be deemed outright grant from Tibet Fund to the CTA, although the specific timing of this grant was never discussed or agreed. It was certainly our hope that after some number of years and experience working together, the board would feel that the time right to confer the loan to a grant” quoted the statement, Chairman of the Board of Directors of the Tibet Fund to CTA dated July 6, 2017.

Statement of The Tibet Fund
Statement of The Tibet Fund

The chairmen wrote in the statement that their office is willing to consider forgiving the loan in the future provided that the terms and assurances in the loan documents are honoured by the CTA. It also added that the two offices should show mutual respect and support in their relationship.

The issue of the loan money came out after Sikyong Dr. Lobsang Sangay led Kashag announced the removal of Representative Penpa Tsering from the office of Tibet in United States early last month. The issue was even reported in the office of Auditor General of CTA after the loan amount was no where mentioned in the accounts of the Office of Tibet while the Tibet Fund had carried it as a receivable loan amount in their account.

TJ editor

Editor at Tibetan Journal

3 thoughts on “The Tibet Fund Clarifies On $1.5 Million Loan Money

  • December 6, 2017 at 8:45 pm
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    It is now very clear that 1.5 million was and is a loan. Tibet Fund used words like “expected”, “hoped” and “willing to consider” to convert the loan to grant. Which means it has not been converted yet. That means loan payable should be in Office of Tibet account. Also they have not said the exact year they will convert the loan and whether they convert in the future depend on the loan terms accepted by both sides. So, why Sikyong lied in Toronto as if loan-to-grant is already decided and it will convert in four five years?

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    • December 7, 2017 at 7:51 am
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      Syikong lied to whole tibetans his intention was to sack Penpa Tsering and bring in one of his friend so in future people don’t talk about his mistakes..

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      • December 7, 2017 at 1:26 pm
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        The CTA got trapped under Tibet Fund terms and conditions. CTA now need to follow their terms and condition till this loan is convert to grant. Sikyong clearly knows that if CTA need to pay back, he is no more in the office by that time. I don’t understand the reason, on what bases CTA Audit Office is not showing this in OOT account as payable when the document clearly show that it’s a loan. May be they follow the Sikyong instruction. Sorry to say that OAG seems no more an independent body. The bigger issue is when IRS office of USA come to know about this issue, OoT is in problem with heavy fine and penalty for misleading financial statement.

        Reply

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