Glasgow investors to get money back

Investors of Glasgow Credit & Collection Services Inc., who are seeking the immediate return of their money, need not wait any longer. The Securities and Exchange Commission has already come out with the procedure governing the distribution of funds to over 9,000 investors of Glasgow.

Beginning Nov. 26, investors of Glasgow can get part of their money back from selected banks and offices designated by the SEC. Investors will be issued manager’s checks.

Funds seized from several banks of Glasgow, amounting to P696.29 million, will be shared equally by Glasgow investors, pro-rated against their original investments. Thus, each investor will receive 79.37 percent of his or her outstanding claim.

Based on SEC records, the total claim of investors is P939.28 million.

The Commission, however, said only investors whose names appear in both the SEC and Glasgow lists will be entertained to ensure the orderly distribution of funds to the public.

The SEC has yet to decide on how to handle the amount of disputed claims. It has advised investors to check with the Compliance and Enforcement Department for the exact schedule as to when they can get their money back.

Investors whose family names begin with A, C, D, F, L, M, and Q can start claiming their money on Nov. 26 at the 8th floor of the RCBC Plaza Tower II in Ayala Avenue, Makati.

For investors whose family names start with G, P, and Y, they are directed to go to Metro Xpress Delivery Services Inc. at the 5th floor of Prudential Bank Building in 6887 Ayala Avenue, Makati City.

Those names that begin with B, R, S, T and Z can go to Fiesta Carnival Cinema in Araneta Center, Cubao, Quezon City to claim their checks.

On the other hand, family names that begin with E, H, I, J, K, N and O can start claiming their money on Nov. 26 at Unit 7, third floor of StarMall, Shaw Boulevard, Mandaluyong.

Checks for investors whose names begin with W are scheduled for release on Nov. 26 and 27 at Allied Bank-Shaw Boulevard branch.

Meanwhile, those family names that begin with U and V will have to call the SEC for the exact schedule and where to claim their checks.

The SEC said the banks will be charging P100 to cover the cost of the manager’s checks and other incidental expenses.

According to the SEC, there were 625 investors who claimed that they invested around P141.39 million but their names were not on the list of investors submitted to the SEC by the Glasgow.

There were also 1,168 individuals and groups in the Glasgow list who supposedly had a net investment of some P126.8 million but they too were not on the list of investors that filed claims with the SEC.

Listed as shareholders of Glasgow are Manuel Roldan Jr., Radicion Baldia, Jenilyn Condes, Jonathan Condes, and Roldan Estacio.

Glasgow was issued a cease-and-desist order by the SEC for failing to offer securities to the public without license from the Commission in violation of the Securities Regulation Code (SRC).

Officers and owners of Glasgow are not yet off the hook as the SEC is preparing a criminal complaint to make them answerable for all the losses incurred by investors.

The SEC is also preparing to institute revocation proceedings against Glasgow to prevent the company from further defrauding the public.

Based on its investigation, Glasgow has been promising investors a monthly interest of 15 percent for a minimum placement of P50,000 for six months plus the return of their investment at the end of the six-month period. Investments of less than P50,000 were promised the same terms and conditions with a slightly lower interest rate of 10 percent a month for the same period.

Upon signing of the contract, Glasgow would issue seven post-dated checks to investors covering the six monthly interest payments and the principal.