SyCip’s son, 4 business associates ordered arrested | Inquirer News
LEGAL DISPUTE OVER P564M IN COMPANY SHARES

SyCip’s son, 4 business associates ordered arrested

By: - Reporter / @MRamosINQ
/ 07:23 AM August 06, 2018

The son of the late Washington SyCip, founder of SGV & Co., and four of his associates have been ordered arrested anew by a Pasig City judge in connection with the legal tussle in the ownership of P564 million worth of shares in a tuna canning company.

In an order, Presiding Judge Christian Emmanuel Pimentel of the Pasig Metropolitan Trial Court Branch 69 said George SyCip should stand trial for violation of Sections 74 and 75 of the Marcos-era edict Batas Pambansa Bilang No. 68, or the Corporation Code of the Philippines.

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Also facing arrest were Raymond See, Jonathan Dee, Marie Grace Vera-Cruz and Antonio Pacis — SyCip’s fellow executives at Alliance Select Foods International Inc.

“After the undersigned . . . conducted personal examination of the information . . . and/or the piece/s of evidence attached thereto, this court hereby finds that there exists a probable cause for the commission of the crimes charged,” Pimentel said in his July 11 order, which was sent to the Department of Justice (DOJ) on July 30.

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In a statement issued on Sunday night, Alliance Select Foods International said it had yet to see copies of the warrant of arrest against the company officials.

“The court’s decision against them is regretful, and we reiterate that the company is not a party to the case,” Alliance Select said.

“The warrant, if verified, will not affect the company’s operations and performance and we remain business as usual,” it said.

“Alliance Select is aware that the involved parties are fully represented by their respective legal counsels and they will legally respond to this issue,” it said.

“We are hopeful that the case will be resolved,” it added.

P10,000 bail

The judge set P10,000 bail for the temporary freedom of SyCip and four of his fellow respondents.

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It was the second warrant issued for SyCip et al. after DOJ prosecutors previously approved their indictment for estafa and a connected offense for violation of the Corporation Code.

SyCip and his business associates have been embroiled in a legal dispute with their former partners—Harvest All Investment Ltd., Victory Fund Ltd. and Bondeast Private Ltd.

Stockholders of the companies have accused them of arbitrarily withholding the financial and corporate records of the publicly listed tuna cannery.

In a March 20 resolution, the DOJ said evidence presented by Harvest All, Victory Fund and Bondeast showed that SyCip et al. had refused to “accede to the right of the complainant to inspect the corporate records.”

The DOJ said the respondents also employed an “evasive scheme… to defeat the rights of complainants to inspect the corporate books and records of Alliance.” —WITH A REPORT FROM DORIS DUMLAO-ABADILLA

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TAGS: Alliance Select Foods International Inc., Antonio Pacis, Corporation Code, George Sycip, Jonathan Dee, Marie Garce Vera-Cruz, Raymond See
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