A GROUP of Singaporean and Hong Kong-based investors have filed syndicated estafa and falsification of document charges against former and incumbent officers and directors of listed firm Alliance Select Foods International Inc.
In a joint complaint affidavit filed by Hong Kong-based firms Victory Fund Ltd. and Harvest All Investment Ltd., and Singapore-based company Bondeast Private Ltd., which were all represented by Hedy S.C. Yap Chua, also a complainant herself, they alleged that Alliance chairman Jonathan Dee, along with other officers and directors of the company, through false pretenses, defrauded them into investing in the company.
Other directors and officers that were implicated as respondents in the criminal complaint are Raymond Kee Hiok See, president and chief executive officer of Alliance; Alvin Dee, vice chairman and such other directors and officers; Marie Grace Vera Cruz and other officers Joanna Dee-Laurel, George Sycip, Teresita Lading, Grace Dogillo, Arak Ratborihan, Raymond See, Marie Grace Cruz, Antonio Pacis and some John and Jane Does.
The joint complaint affidavit was filed before the City Prosecutor of Manila on February 26, 2016.
The complainants, among others, alleged that the respondents conspired to organize Alliance Select with the intention of carrying out “unlawful/illegal transactions, schemes and/or enterprise.”
They said that Alliance Select was actually organized pursuant to rehabilitation proceedings involving several of Dee’s debt-saddled companies such as FDPHI, Maranaw Canning Corp., FDCP, Inc., Nautical Canning Corp., and Clearwater Tuna Corp.
Thus, they claimed that Alliance Select as a joint-venture company had its primary objective of settling all the debts of the Dee family based on a court-approved rehabilitation process, a fact which was allegedly never disclosed to the complainants and to the investing public.
The following complainants have respective interests in Alliance Select as follows: Victory Fund, 5.54 percent; Harvest All, 7.09 percent; and Bondeast, 0.52 percent.
However, Alliance Select, as introduced to the aforementioned investors as well as to the public by Dee, was organized primarily to engage in the business of manufacturing, canning, importing and exporting of food products such as marine, aquaculture, and other processes seafood, particularly tuna and salmon.
“While there is nothing illegal in the formation of a corporation due to rehabilitation proceedings, the formation of Alliance in the instant case, as will be seen, was primarily with the sinister intention of inveigling funds from unknowing investors and the general public then siphoning them to pay off the creditors of the Dee Companies and to engage in illegal activities,” the complaint read.
The complainants further alleged that such fact was never disclosed to them and to the investing public when Dee, along with the company’s officers, solicited investment from them and the public.
“Alliance was really formed for a simpler, greedy reason, i.e., to serve as the vehicle to win back the lost business empire of the Dee Family, and to engage in illegal transactions,” the joint complaint affidavit stated.
For its part Alliance Select, said in a disclosure to the Philippines Stock Exchange (PSE): “As of present, none of Alliance Select Foods International, Inc.’s current directors and officers has been served with any subpoena/complaint/ legal process in relation to the alleged case referred to in the news article. We are currently verifying the truth, if any, of the allegations indicated in the article. We will apprise the Exchange of any developments.”