ASFII distances itself from estafa case vs former exec

ALLIANCE Select Foods International, Inc. (ASFII) reiterated that it is not involved in the estafa case against businessman George Sycip, a former company executive and the son of late businessman Washington Sycip.

In a disclosure to the stock exchange yesterday, the listed seafood firm said it is not a party in the case against Mr. Sycip and other former officials.

“ASFII has not received any orders or issuances from the courts of Makati in relation to the subject matter,” the company said.

“We further clarify that alleged respondents in the case…are currently not executives, directors or officers of ASFII, but only held various posts in Alliance in the past. In fact, Alliance had appointed, and has been operated by, new management for several years already,” it added.

The company’s statement came after reports that the Makati City Regional Trial Court Branch 57 issued a warrant of arrest against Mr. Sycip and the company’s former board of directors, namely Jonathan Dee, Alvin Dee, Joanna Dee-Laurel, Teresita Ladanga, Grace Dogillo, and Arak Ratborihan.

The Makati court found probable cause to arrest the aforementioned officials based on a case filed by the Department of Justice, which indicted Mr. Sycip and the other officials for estafa based on a complaint by ASFII’s foreign shareholders, Harvest All Investment Ltd., Victory Fund Ltd., Bodeast Private Ltd., and Hedy Yap Chua.

The respondents allegedly used the complainants’ investments in the company for supposedly illegal transactions. The shareholders claimed that they were enticed to invest over P75 million, more than $65,000, and some P4 million into the firm. They also alleged that Jonathan Dee made ASFII appear to be a financially rewarding firm.

ASFII saw its attributable profit jump by 76% to $2.52 million in 2018, after revenues climbed 35% to $97.13 million.

Shares in ASFII fell 9.47% or nine centavos to close at 86 centavos each at the stock exchange Monday. — Arra B. Francia