Organico shuts down its branch in Mandaue

ORGANICO Agribusiness Ventures Corp. voluntarily closed its branch at Copenhagen East Building on A.C. Cortes Ave. in Barangay Cambaro, Mandaue City last Monday, June 10, 2019.

There was no one at the office to provide an explanation for the closure except for two security guards who asked members to write down their names and contact numbers, especially those who went there to collect their payout, so management could contact them.

Many members trooped to the Mandaue branch when they learned that Organico is not authorized to accept investments even though it is registered with the Securities and Exchange Commission. Others were there expecting their payout only to be told that the release had been put on hold.

They were greeted by a sign “CLOSED FOR RENOVATION” that was written on a piece of bond paper and posted outside the door.

“Management didn’t want to wait for authorities to shut down Organico like what happened to Kapa (-Community Ministry International Inc.) and ADA (Farm Agri-Ventures),” one of the guards told the worried members in Cebuano.

A worker at the Mactan Economic Zone in Lapu-Lapu City, who asked not to be named, appeared distraught. He was there expecting to collect a payout of P18,000, which he had planned to use to buy books for his children who are in school.

More than 70 members hoped management would inform them when they could collect their payout as soon as possible.

Organico had provided contact numbers so members could call them with questions and other concerns.

Meanwhile, Cebu Archbishop Jose Palma urged the public to be careful not to be duped into turning their money over to bogus investment entities.

He said there will always be people who will take advantage of others and who will use people to entice others to invest in “sure-shot” deals.

“Again, just be extra careful,” Palma said. (From FVQ, SCG of SuperBalita Cebu, PJB)

Trending

No stories found.

Just in

No stories found.

Branded Content

No stories found.
SunStar Publishing Inc.
www.sunstar.com.ph