|
Monday, October 27, 2003
Some P90B lost due to bogus investment firms
* SEC executive says that since intensifying drive versus bogus investment schemes, their office has been flooded with phone calls, a number of which are from the suspect-companies
EASILY lured by the promise of high return of investments, as high as one million Filipinos from elite to middle income brackets have become victims of pseudo-investment schemes, Compliance and Enforcement Division Chief Atty. Ma. Eloisa Gan of Securities and Exchange Commission (SEC) revealed over the weekend.
"In 2002 Finance Secretary Isidro Camacho released a conservative figure of P5 billion as the total worth of investments lost due to some false investment schemes," Gan said, but added that unconfirmed reports peg the total amount of losses from P25 billion to P90 billion.
According to Gan, the single highest loss reported was P1 billion by a businessman from Binondo.
"But so far the highest recorded loss was from a Bel Air Village resident amounting to P70 million," Gan clarified.
Gan, who was here Friday for the Corporate Governance Seminar, said the profile of the investment fraud victims are mostly retirees from either the public of private service with good educational background.
Existing employees also from both the government and non-government sectors have also been victimized by the swindlers, according to Gan.
SEC Commissioner Ma. Juanita Cueto, in a conference also on Friday, said since intensifying their campaign versus these illegal investment schemes, SEC has been bugged with calls daily.
"Most of the calls are inquiries about a certain firm. But in some cases, we receive calls from the companies themselves saying we are hampering with their operations and the like," Cueto added.
But Gan said they could not make spot decisions and assessment on whether an investment company is illegal or not unless they get the documents elaborating the business operations and the financial records of the firm.
Since 2001, a total of ten firms have been issued cease and desist orders (CDO).
Among the ventures questioned by SEC are G Cosmos Universal, Multi National Telecom Investor Corporation, Multitel International Holdings Inc, Everflow group of Companies, Mateo Management Group of Companies, Glasgow Credit and Collection Services, ICS exporter IMTST, and Tibayan group of Companies.
This year, H Factor Marketing and Trading and Lead Lending Corporation were issued CDOs. CEU
(October 27, 2003 issue)
Write letter to the editor. Click here.
Join the Sun.Star message board. Click here. |
|
[ return
to top ]
[ home
]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
SUPERBALITA
WEEKEND
|
