The planned conversion of a former MILF camp to a billion-peso banana plantation is seen to be derailed after the primary investor for the project has been tagged in fraud and money laundering cases in Spain.
Agriculture Secretary Emmanuel Piñol earlier said a Russian group composed of Solway Investment Group and Techiron Resources Inc., represented by French-Russian businessman Robert Gaspar, was looking to invest about P8 billion in a Cavendish banana plantation in Mindanao.
The investment, which could have augured well for the region, is now on hold after Gaspar was reportedly linked by the European press to a criminal group called Kremlevskaya, which allegedly laundered money from drug trafficking.
Piñol talked to Inquirer yesterday and said that Gaspar, who is presently in the country, had decided to “take a step back and address the issue first” before pushing through with the investment.
He said Gaspar had presented documents clearing his name from any criminal offense.
Gaspar recently flew to Maguindanao with Piñol and Maguindanao Governor Esmael Mangudadatu to inspect the proposed area for the plantation in Buldon, Maguindanao.
The Russian business group was said to be eyeing MILF’s main enclave in the boundaries of Maguindanao and Lanao del Sur identified as Camp Abubakar for the development of a 5,000-hectare midland banana plantation and 2,000-hectare highland banana plantation.