Alliance Select distances itself from estafa case vs former execs
MANILA, Philippines (Updated 11:29 a.m.) — Homegrown tuna canning firm Alliance Select Foods International Inc. distanced itself from estafa case against former company executives.
“We would like to clarify that Alliance is not a party in the said case. ASFII has not received any orders or issuances from the courts of Makati City in relation to the subject matter,” the publicly listed company told the stock exchange on Monday.
“We further clarify that alleged respondents in the case, namely Mssrs. Jonathan Dee, Alvin Dee, Joanna Dee-Laurel, Teresita Ladanga, Grace Dogillo, Arak Ratborihan and George SyCip, are currently not executives, directors or officers of ASFII, but only held various posts in Alliance in the past,” it added.
“In fact, Alliance had appointed, and has been operated by, new management for several years already.”
In a decision promulgated on April 11, the Makati City Regional Trial Court Branch 57 issued a warrant for the arrest of son of the late tycoon Washington SyCip and others.
Judge Honorio Guanlao Jr. set bail of P120,000 for each defendants.
Guanlao issued the arrest order after finding probable cause in the case filed by the Department of Justice.
The judge denied the defendants’ motion to dismiss the case for lack of merit.
The DOJ indicted SyCip and others for estafa based on a complaint filed by the firm’s foreign shareholders Harvest All Investment Ltd., Victory Fund Ltd., Bondeast Private Ltd. and Hedy Yap Chua.
DOJ prosecutors alleged that the respondents used the complainants’ investments to engage in supposedly illegal transactions. — Ian Nicolas Cigaral with a report from The STAR/Edu Punay
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