Remulla on investment 'scam' probe: Charge the guilty

Justice Secretary Jesus Crispin Remulla on Tuesday ordered prosecutors to look closely at the complaint filed against the Maria Francesca Tan (MFT) Group of Companies Inc. and Foundry Ventures I Inc. over an illegal investment scheme.

Remulla issued the remark as the DOJ held its first preliminary investigation into the complaint filed by the Securities and Exchange Commission (SEC).

“Meticulously uncover every detail surrounding this case, look closely into every angle and if necessary, charge everyone who is proven to have defrauded our precious Filipino investors," Remulla said.

"Investments are the life and blood of our economic sustainability, the immediate resolution of this case is a top priority," he added.

The DOJ said the SEC found out that in the scheme, investors were given either a promissory note or borrower-lender agreement as proof of their investment.  It said these were executed without proper documentation and registration with the SEC.

During the preliminary probe, the DOJ panel of prosecutors approved the respondents’ motion for extension in filing their counter-affidavits.  

“None of the respondents submitted their counter-affidavits today and requested through counsel for an extension to file a counter-affidavit. And was given 20 days from today or until June 3, 2024 to submit the same,” Senior Assistant State Prosecutor Jovyanne Santamaria said.

For their part, Dezery Perlez, the legal counsel of some MFT employees, said they would prove that the employees do not have criminal liability. 

“Rest assured that we will defend the 14 employees of the MFT group and prove that they do not have any criminal liability. At best, their obligation is just civil in nature,” she said.

She refused to discuss the merits of the case.—LDF, GMA Integrated News