Manzano snubs NBI subpoena

Actor Luis Manzano was a no-show at the National Bureau of Investigation (NBI) yesterday after he was summoned to answer the allegations of large-scale estafa in connection with a fuel investment scam.

Manzano, through his lawyers, asked for an extension to the subpoena issued against him by the NBI.

Last week, dozens of investors accused Manzano of estafa over a failed co-ownership scheme offered by Flex Fuel Petroleum Corp. where the actor served as chairman of the board.

The corporation used the war in Ukraine and the pandemic as reasons for its failure to return their investments, the complainants said.

Manzano earlier said he also sought an NBI probe after some investors approached him for help, adding that the corporation also owed him P66 million.

The television host said he has divested his interests in the company and resigned as chairman of the board in February 2022.

Manzano pointed instead to the petroleum corporation’s mother firm ICM Group of Companies and its chief executive officer Ildefonso Medel.

The actor said he agreed to be chairman of the board “as one of the guarantees for my investment.”

The Securities and Exchange Commission (SEC) has warned the public as early as 2021 about illegal co-ownership or franchise agreement schemes in gasoline companies.

The scheme falls under a “public solicitation of securities,” which should be registered with the SEC, the commission said, adding that Flex Fuel is not registered to solicit investments.

The commission warned perpetrators of this scheme that they could be liable for violating the Securities Regulation Code and be penalized with 21 years in prison and fined P5 million.