The Department of Justice (DOJ) has filed estafa charges against trader George Sycip, son of the late tycoon Washington Sycip, and the officers and members of Alliance Select Food International Inc., a tuna canning company.
In a 22-page resolution signed by Justice Undersecretary Deo Marco, the DOJ found probable cause to charge with estafa Sycip, Alliance board chair, and directors Jonathan Dee, Alvin Dee, Joanna Dee-Laurel, Teresita Ladanga, Grace Dogillo and Arak Ratborihan.
The DOJ, however, junked the charges of falsification of public documents and syndicated estafa against the respondents for lack of probable cause.
The case was filed by Alliance’s foreign shareholders, namely Harvest All Investment Ltd., Victory Fund Ltd., Bondeast Private Ltd., and investor Hedy S.C. Yap-Chua.
The complainants accused the respondents of improperly using their investments in the company to engage in what they described as illegal activities and transactions. —JEROME ANING