Washington Sycip and Alliance Select Food International Inc. officials indicted for Estafa by DoJ.
The Department of Justice has approved the criminal indictment of trader George Sycip, son of the late tycoon Washington Sycip, and officials of tuna canning firm, Alliance Select Food International Incorporated for estafa.
In a 22-page resolution signed by DoJ Undersecretary Deo L. Marco, the DoJ has found probable cause for the crime of estafa against Alliance Inc. chairman of the board George Sycip, along with board of directors Jonathan Y. Dee, Alvin Y. Dee, Joanna Y. Dee-Laurel, Teresita S. Ladanga, Grace S. Dogillo and Arak Ratborihan.
“This Office finds probable cause to charge respondents in 01028, for the crime of Estafa under Article 315 2(a) of the Revised Penal Code against the respondents,” the resolution stated.
The case arose from the complaint filed by Alliance’s foreign shareholders namely Harvest All Investment Limited, Victory Fund Limited, Bondeast Private Limited and Hedy S.C. Yap Chua.
With the finding of probable cause, the DoJ ordered the City Prosecutor of Manila “to file the necessary Information for estafa against the named respondents and to report the action taken within 10 days from receipt hereof.”
The complainants accused the respondents of improper used their investments in the company to engage in supposedly illegal activities and transactions.
They alleged that they were enticed to invest their money in January 2009 amounting to more than P75 million, more than 65,000 dollars and another more than P4 million.
Respondent Jonathan made it appear, among others, that Alliance is a financially rewarding company, prompting Hedy to invest involving funds she was part of.
“In view of the limited information given to the unsuspecting complainants in 01028, they were enticed to invest their money on January 2009 . . . Jonathan made it appear that numerous entities were investing in Alliance as what the complainant call as “modus operandi” to make it appear that Alliance is a financially rewarding company. Complainant Hedy relying on said representations agreed to invest involving funds she was part of, Complainant Harvest,” the resolution noted.
“We agree that the false pretenses employed by respondents…that Alliance is a yielding business and 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, that induced them to invest their money,” the DOJ ruled.
“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,” the resolution added.
However, the DOJ dismissed the charges of falsification of public documents and syndicated estafa against the respondents for lack of evidence.