The Court of Appeals (CA) Fourth Division will decide Monday whether to lift or extend a freeze order on the bank accounts of 23 executives of the collapsed Aman Futures Group Philippines, while authorities investigate their links to the P12-billion investment scam that duped over 15,000 people mostly in Pagadian City.
The hearing Monday is expected to take up the 20-day freeze order issued by the court on Nov. 20 on the accounts of the Aman executives in 25 banks and financial institutions.
The order, requested by the government, was granted to avoid the withdrawal of funds.
The Anti-Money Laundering Council through the Office of the Solicitor General sought the freeze, saying the bank accounts of the respondents were related to unlawful activities in violation of the Securities Regulations Code of 2000 and syndicated estafa laws.
The appellate court had set the afternoon hearing “in order to determine whether or not the instant freeze order shall be modified, lifted or extended.”
According to Justice Secretary Leila de Lima, almost all the banks had complied with the appellate court’s order to submit information on the deposits of the respondents.
A special panel of prosecutors will be in Pagadian City on Wednesday to hold a preliminary investigation on the complaints.
The Securities and Exchange Commission last week filed a complaint in the Department of Justice against the Aman executives for “illegally operating and engaging in fraudulent activities.” Christine O. Avendaño