NINE former and current officials of publicly-listed Alliance Select Foods International Inc. (ASFII) have been cleared by the Department of Justice (DoJ) of syndicated estafa and falsification of documents charges, the company said on Tuesday.
An ASFII disclosure published on the Philippine Stock Exchange website named the officials as Jonathan Dee, Alvin Dee, Joanna Dee-Laurel, George Sycip, Teresita Ladanga, Grace Dogillo, Arak Ratborihan, Raymond See, Marie Grace Vera Cruz and Antonio Pacis.
The charges were filed by a group of investors led by Hedy Yap-Chua, a shareholder and former board member of ASFII, together with Victory Fund Ltd., Harvest All Investment Ltd. and Bondeast Private Ltd.
“This resolution affirms the decision made by the Manila Prosecutors Office (OCP Manila) last September 2016 which found that the complaint is bereft of any indication that fraud through false pretenses was committed by any of the respondents,” the statement said.
“This decision of the Department of Justice is clearly a vindication of the company, its directors and officers and affirms our adherence to principles of good corporate governance,” ASFII President Raymond See said.
“Nonetheless, this case does not have any significant impact on our operations and our ability to deliver quality products,” he added.
Alliance Select was incorporated in 2003 as a seafood processor which exports canned seafood products to Europe, North America, Asia, Africa and South America. Its products include institutional and retail canned tuna, smoked salmon, salmon by-products and fishmeal.
Its main facility in General Santos City is operated by subsidiary Big Glory Bay Salmon and Seafood Company Inc.. It is globally present via international subsidiaries in the United States, Thailand, Indonesia and New Zealand.