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Wednesday, June 19, 2024

SEC extends freeze order on MFT bank accounts

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The Court of Appeals (CA) extended for another six months the freeze order over the bank, investment and insurance accounts of Maria Francesca Tan (MFT) Group of Companies Inc.

The CA, in a resolution promulgated on May 30, also denied the motion MFT Group’s petition to lift the freeze order and instead granted the extension of the freeze order over the company’s bank, securities and insurance accounts to Nov. 9, 2024.

It said the freeze order would give the government the necessary time to prepare its case and file the appropriate charges without worrying about the possible dissipation of the assets that could be related to suspected illegal activities.

“A freeze order is an extraordinary and interim relief issued by the CA to prevent the dissipation, removal, or disposal of properties that are suspected to be the proceeds of, or related to, unlawful activities as defined in Section 3(i) of [Republic Act] No. 9160, as amended,” the appellate court said.

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