MANILA, Philippines – The justice department has recommended that an estafa case be filed against businessman George Sycip and the board of directors of Alliance Select Foods International, a tuna canning firm.
In a 22-page resolution, promulgated March 27, 2018, but publicized on Thursday, April 12, the Department of Justice (DOJ) ordered prosecutors to file the estafa charges with the Manila regional trial court against Alliance board directors Jonathan Dee, Alvin Dee, Joanna Dee-Laurel, Teresita Ladanga, Grace Dogillo, and Arak Ratborihan.
"[T]his Office finds probable cause to charge respondents...for the crime of estafa under Article 315 2(a) of the Revised Penal Code,” read the resolution signed by Justice Undersecretary Deo Marco.
Alliance’s foreign shareholders – Harvest All Investment Limited, Victory Fund Limited, Bondeast Private Limited, and Hedy SC Yap Chua – had filed a complaint, alleging that the respondents made it appear Alliance was a “yielding business,” but it turned out to be a "vehicle to bail-out the Dee Companies."
They complainants said they invested P263,969,563 and $3,301,366.31.
According to the DOJ resolution, it agreed that the respondents employed “false pretences” to entice the investors.
The investors were told Alliance was “a wise investment with attractive profits, that the corporation is engaged in the manufacturing, canning, sale, importing, exporting of tuna and salmon and their expectancy for growth considering the promise for expansion.”
The resolution added: "Stated otherwise, had they known that Alliance was a vehicle to bail-out the Dee Companies and indulged in a sophisticated scheme to recover the lost business empire of the Dee Family, complainants...would not have parted with their money.” – Rappler.com