Alliance Select directors cleared of estafa charge
A Manila prosecutor has cleared Alliance Select Foods International Inc.’s former and current directors of charges of syndicated estafa and falsification of documents charged by a group of Singaporean shareholders.
In a statement, Alliance Select said it had received on Aug. 30 a notice of favorable decision by the Office of the City Prosecutor of Manila on the latest charge filed by Hedy Yap-Chua, a shareholder and former director of the company.
Raymond See, president and chief executive officer of Alliance Select, said the Manila prosecutor’s resolution validated “that the company’s management has the shareholders’ best interest in mind in investing and running the business.”
“This resolution issued by the City Prosecutor of Manila is a resounding victory for Alliance Select and our stockholders. It recognizes management’s efforts to attain shareholder value,” said See.
Syndicated estafa is a non-bailable offense in the country.
Citing the prosecutor’s ruling, it was noted that after an assessment of evidence and merits, the case against all the respondents was found to be bereft of any indication that fraud through false pretenses was made in the representation of the company to the public and to the complainant, in particular.
Aside from Yap-Chua, the other complainants were Victory Fund Ltd., Harvest All Investment Ltd. and Bondeast Private Ltd. They form part of a Singaporean investor group that has been critical to Alliance Select’s management.
Respondents to the case were the company’s founder and former president Jonathan Dee (who had retired early this year), Alvin Dee, Joanna Dee-Laurel, George Sycip, Teresita Ladanga, Grace Dogillo, Arak Ratborihan, Raymond See, Marie Grace Vera Cruz and Antonio Pacis.
The prosecutor further said that Alliance Select, being a publicly-listed company with significant investments and operations both locally and abroad, was clearly a legitimate juridical entity engaged in legitimate business. The prosecutor said Alliance Select neither employed fraudulent machinations nor misled the complainant, thereby clearing the management of the company of allegations of misappropriation of corporate funds.
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