DOJ orders indictment of tuna firm officials

The Department of Justice (DOJ) has ordered the filing of charges against executives of a tuna processing company for allegedly duping investors to invest into their firm.

In a 23-page joint resolution, the DOJ ordered the indictment before the Manila Regional Trial Court (RTC) of George Sycip, Jonathan Dee, Alvin Dee, Joanna Dee Laurel, Teresita Ladangan, Grace Dogillo, and Arak Ratborihan, all executives of Alliance Select Foods International, Inc.

“All told, we agree that respondents in 01028 (the criminal case filed as NPS Docket No.XV-07-INMV-168-01028) as officers and members of the board of directors acted in concert in the perpetration of the offense charged,” read the resolution signed by Justice Undersecretary Deo Marco last March 27, but was released to media only on Thursday.

The case stemmed from the complaint filed by Victory Fund Limited, Harvest All Investment Limited, and Bondeast Private Limited.

Marco noted that “Alliance was formed out of an Amended Rehabilitation Plan which was approved by the Court, with the concurrent purpose of paying-off the creditors of the First Dominion Group of Companies or the ‘Dee companies’.”

But Marco said that “had not for the false pretense in painting a ‘rosy picture’ of Alliance, employed by Respondents Dee and George that their corporation has a lucrative business in the Philippines, as one of the tuna capitals of the world, has business enterprise in other countries and poised to further expanded globally, they would not have parted their money.”

“Moreover, had complainants known Alliance was formed to ‘bail out’ Dee companies, they would not have invested their money,” he added.

Marco noted the complainants invested to Alliance in 2009 the amounts of 175.25 million, US$65,555.93, 1170,000, and 14,982,947.94.

In 2010, investors were made to part with 1156,688,885, US$1,191,731.70, US$1,544,068.68.

Then, in 2012, more investments were made in the amount of 1500,000.