NBI nabs SEC-Butuan director for alleged P250,000 extortion try

MANILA, Philippines — The National Bureau of Investigation (NBI) on Wednesday confirmed that agents from its Caraga Regional Office arrested a director of the Securities and Exchange Commission (SEC) for allegedly trying to extort P250,000 from a private corporation.

In a statement on Wednesday, the NBI said it arrested Atty. Jasoc Tan from the SEC Butuan Extension Office during an entrapment operation at a coffee shop in a mall in the province last May 29.

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The NBI said the operation, coordinated with the SEC, stems from a complaint by SALiGAL Law, counsel for HMW Lending Investors, Inc. (HLI), which alleged “that Tan and an unidentified female cohort demanded money from HLI in exchange for the non-filing of administrative cases relating to alleged violations of the Revised Corporation Code and the Lending Company Regulation Act of 2007.”

The agency said Tan’s initial demand was P650,000.00, which would supposedly cover HLI’s thirteen branches in the Caraga Region. 

Following negotiations between both parties, the demand reportedly dropped to P250,000.

Of this amount, only P80,000 would have been officially received, while the remaining P170,000 allegedly goes directly to the SEC director.

During the entrapment operation, NBI agents prepared marked money dusted with ultraviolet powder.

Tan supposedly accepted the marked money handed over by the HLI’s representative upon arriving at the coffee shop around 9:50 a.m. on May 29.

NBI agents then immediately entered the shop and arrested the SEC-Butuan director.

Recovered during the arrest were seven marked P1,000 bills, six marked P500 bills, and an Apple iPhone used during the transaction.

Earlier this Wednesday, the SEC released a statement confirming the arrest of one of its directors and added that authorities placed him under preventive suspension while continuing their investigation.

The NBI said Tan will be presented for inquest proceedings before the City Prosecutor’s Office of Butuan City for charges of Robbery with Intimidation of Persons, Direct Bribery, violation of the Anti-Graft and Corrupt Practices Act, and violation of the Code of Conduct and Ethical Standards for Public Officials and Employees.