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Thursday, March 13, 2003
Mayor defends group from pyramid scam allegation
By Adrian Sedillo
MAYOR Agustin Perdices brushed aside reports that the Dumaguete City Government Employees General Welfare Association (Dcgegwa) is involved in a pyramiding scam.
Mayor Perdices issued the reaction after he was briefed on the initial results of the investigation conducted over the report exposed by City Councilor Nilo Sayson.
The mayor said Dcgegwa has not been involved in the alleged investment of private individuals under the so-called "bridging scheme".
The system, he said, could not even be described as a bridging scheme because the money reportedly invested were not entered in the association's book of accounts.
Perdices said the investigation was conducted only to find out the truth about the report.
The mayor likewise defended the City Council for conducting its own investigation of a private entity.
Like him, he said, the members of the council were concerned about the status of Dcgegwa because the city used its own money to start the association.
The mayor said that along this line, the Council realized that the association has not been affected by the alleged scam and that it had saved enough profits to sustain its operations.
(March 12, 2003 issue)
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