DOJ orders Pacific Plans officials to respond to syndicated estafa charges

The Department of Justice (DOJ) started on Wednesday its probe into the syndicated estafa charges filed by nearly 500 plan holders of the Abundance Providers and Entrepreneurs Corp. (APEC)—then Pacific Plans, Inc. (PPI)—led by the late business tycoon and diplomat Alfonso Yuchengco.

During the preliminary investigation hearing, the DOJ panel composed of Senior Assistant State Prosecutor Ma. Cristina Juanson and Assistant State Prosecutor Mary Ann Parong directed the respondents to submit their counter affidavit on June 28.

The hearing was attended by some of the 477 complainants, among them senior citizens who were relying on their pre-need plan as a source of retirement pension.

"Hopefully, uusad na po ang gulong ng hustisya. Mabagal man, pero at least umuusad," said Joshua Santiago, legal counsel for Pacific-APEC Plans Legal Complaint Group.

Santiago said his clients are open to entering into a settlement in exchange for withdrawal of charges.

"Wala pang offer sa kabila, although open naman ang mga complainants kung ibibigay ang nararapat na ibigay sa kanila," he said.

The class suit accused respondents Yuchengco, Ambrosio Padilla, George Dee, Helen Dee, Paul Sycip, and 30 others of 840 counts of "syndicated estafa by means of deceit," 840 counts of "syndicated estafa by abuse of confidence" and another 77 cases against Lifetime Plans only.

According to the complainants, PPI transferred the assets and liabilities of its pension, memorial, and fixed-value educational plans to Lifetime Plans in June 2004.

Two months later, Lifetime Plans sold its stake in Pacific Plans to GPL Holdings Incorporated, which the complainants said is another Yuchengco family company.

In 2009, GPL Holdings sold Pacific Plans to businessman Noel Oñate, who acquired it for P250 million.

The complaint stated that Pacific Plans has no basis in claiming it was bankrupt based on the financial audit prepared by the Securities and Exchange Commission. —KG, GMA News