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Kapa investor seeks P3B in damages from gov’t

/ 06:13 PM June 26, 2019

MANILA, Philippines — An investor of the Kapa Community Ministry International Inc. (Kapa) is seeking P3 billion in damages from the government for including them in the list of unregistered investment entities.

In a 20-page petition filed last June 21, Rhema International Livelihood Foundation Inc. (Rhema) sought a status quo ante order from the Supreme Court against the Securities and Exchange Commission (SEC) advisory issued last April, which revoked Kapa’s registration as a non-stock corporation.

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Rhema, which branded itself as a Kapa “donor,” also asked the High Court to allow “Kapa to resume their religious activity” and “expunge Cirfund from the list of the unregistered investment entities.”

Cirfund is an online platform of Rhema, which it said is legal and whose business is supported by documents.

The petitioner said their right to due process has been violated when the SEC unilaterally included them in the list of unregistered investment entities.

Rhema also claimed that the SEC “railroaded the process of law, making it summary procedure when it is supposed to be in a full-blown trial.”

It added that the SEC committed grave abuse of discretion last May 31 when it tagged the company as among the “unregistered investment entities” because of its investment program, Cirfund.

Rhema explained that it is a licensed foundation accredited by the Department of Social Welfare and Development (DSWD) and local government units in Metro Manila and Rizal. Cirfund is its special project.

“Petitioners (who) are members of Rhema Foundation or Cirfund were able to donate for Kapa Ministry being a religious organization because we believed in the word of God that Our God Jehovah will bless us and that He will open the windows of heaven to pour out blessings until there is no room for it. We believe that the more we give, the more we are blessed,” the petition read.

The firm, represented by its executives Manuelito Traya and Roberto Apduhan, said the crackdown on Kapa and its investors and affiliates has “destroyed Cirfund,” making the government, led by President Rodrigo Duterte and SEC Chairman Emilio Aquino, liable for damages amounting to P3 billion.

Last week, the SEC filed cases for violation of Republic Act 8799 (Securities Regulation Code or SRC) against Kapa, its founder and president Pastor Joel Apolinario, trustee Margie Danao, corporate secretary Reyna Apolinario, and officers Marisol Diaz, Adelfa Fernandico, Moises Mopia, Catherine Evangelista, and Rene Catubigan over the alleged large-scale investment scam.

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The SEC and the National Bureau of Investigation (NBI) both said Kapa and its officers enticed the public to “donate” at least P10,000 in exchange for a 30% monthly “blessing” or “love gift” for life, without having to do anything other than wait for the payout.

The investment scheme operated by respondents offered for sale or distribution to the public securities in the form of investment contracts. (Editor: Eden Estopace)

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TAGS: Damages, Investment, KaPa, Rhema International Livelihood Foundation Inc. (Rhema), SEC, Supreme Court
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