SECTIONS
Monday, August 26, 2019
CEBU

Investors no longer care about interest, just want their money back

INVESTORS of Organico Agribusiness Ventures Inc. will have to wait until their scheduled payout to recover their investment but they will no longer receive any interest.

Organico reportedly informed its investors about this update through a group chat in a social networking site.

The advisory, though, did little to appease Rhandy (real name withheld), who has not heard from his agent when he followed up on the status of his investment amounting to P36,000.

The amount was supposedly invested for the purchase of 10 hogs, which would have earned P24,000, or a total payout of P60,000 by Aug. 31, 2019.

Following the government’s crackdown on illegal investment schemes, including Organico, Rhandy said he is no longer after the interest. He only wants to recover his capital.

Rhandy said he sent his agent a message through a social networking site. He said he started to worry when the agent read the message but did not reply.

“Ang akong problema, sir, kay gi ‘seen zone’ ra ko sa chat. Mao na akong gikaproblemahan ba kay wala may abiso nila oi (The agent read my chats but did not bother to reply. There is no advice from the agent),” he told Superbalita Cebu.

Superbalita Cebu tried to get the side of the agent of Organico but the calls were not answered.

Meanwhile, Kapa-Kabus Padatuon Community Ministry International Inc. investors are counting on the religious group’s promise that it would return their money.

Investors from Cebu were reportedly told not to worry because they would recover their investments 10 to 15 days after the Kapa office in Compostela town was raided.

Gwen (real name withheld) said an agent of Kapa promised her that her investment amounting to P1 million would be returned.

She has to wait, though, until June 25, or 15 days after the National Bureau of Investigation 7 and the Regional Special Operations Group 7 raided and seized paraphernalia from Kapa’s office on June 10.

Gwen told Superbalita Cebu that she understands there are delays due to the Securities and Exchange Commission’s move to freeze the bank accounts and other assets of Kapa founder Pastor Joel Apolinario.

On orders of Apolinario and following the fire that hit the office two days before the raid, Kapa suspended all pay-in and payout activities.

Gwen said she would no longer ask for any interest on her investment. She just wants her P1 million back.

“Ang amoa ra man gi apas nga iuli lang nila if ever i-freeze gyud ang tanang account. Okey ra wala’y tubo (It’s okay if there is no interest if they freeze all the accounts. We just want them to return our money),” she said.

Gwen is not losing hope that she will get her money back since the Kapa agent continues to call her for updates. She added that Apolinario continues to reach out to members to ask for their understanding.

She also has no plans to file a complaint against the religious group, saying she does not have any reason to do so because it has helped a lot of poor people.

Gwen said she felt sorry for investors whose scheduled payout was overtaken by the closure of Kapa.

Interior and Local Government Secretary Eduardo Año ordered on Monday, June 17, 2019 all city and municipal mayors to revoke all business permits issued to religious corporation Kapa-Community Ministry International Inc. and all its units, subsidiaries and allied organizations.

President Rodrigo Duterte earlier ordered the closure of all Kapa offices for offering an investment scheme likened to a Ponzi scam, under which payouts to investors depend on money brought in by new investors.

The Securities and Exchange Commission (SEC) revoked Kapa’s certificate of registration in April and secured over P100 million of its assets in accordance with the asset freeze order issued by the Court of Appeals.

SEC Chairperson Emilio Aquino noted that the businesses that Kapa founder Joel Apolinario and wife Reyna put up supposedly to finance the promised 30 percent monthly payouts to investors, started operations only in 2018 and 2019, so their earnings could not possibly be enough to cover the payouts of P15 billion a month or P180 billion a year to Kapa’s alleged five million members. (From AYB of SuperBalita Cebu, LRC, SunStar Philippines)


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