Raps filed vs 24 in investment planBroadcaster, basketball coach among complainantsBy Leila Salaverria, Allison Lopez
Philippine Daily Inquirer
First Posted 11:03pm (Mla time) 05/27/2008MANILA, Philippines – The National Bureau of Investigation (NBI) has filed syndicated estafa charges against 24 people who allegedly swindled broadcaster Korina Sanchez, basketball coach Jose Antonio Yturri and 16 other people of more than P500 million through an investment scheme.
Charged on May 21 before the Department of Justice were officers of Power Generation Trading Corp. (Power Gen) which claimed to be involved in the trade of lubricants, fuels and other processed oils.
The suspects were identified as Dr. Rudy Enrique Olalia, Power Gen president; his wife Lourdes Tiu-Olalia, treasurer; corporate secretary Marie Francesca Yuvienco; and their business partners, Dr. Gaspar Montes and wife Vayda.
Also charged were Katherine Rica Bautista, Rene Anastacio Olalia, Almer Cabigting, Michael Mojica, Pamela Joy Bagtas, Glenn Soriano, Janet Alfaro, Alfredo Ramos, Yolanda Garcia, Allen David, Angelo David, Bernard de Venecia, Andrew de Venecia, Analyn de Venecia, Antonio Escamilla, Felipe Parena, Ariel Canuto, Raulito Manglapus. Raps were also filed against Jose Vivencio Reyes, who has passed away.
The complainants, on the other hand, apart from Sanchez and Yturri, were Jonathan and Minnie Yao, Rosemary de Galicia, Jocelyn Roxas, Annebelle Rodriguez, Joel Mari Villa, Lino Barte, Philip Recto, Perfecto Espiritu, Jose Palma Jr., Rufino Agudera, Edgardo de Villa Jr., Cecilio Vivar, Merle Florentino, Emelita Umali and John Melden Cruz.
They claimed that they were defrauded of more than P500 million, with each of them having invested anywhere from P1.4 million to P275 million in Power Gen from 2003 up to this year.
In its letter referral to the DOJ, the NBI said Power Gen stated in its web site that it sold Chevron and Unioil products. But a check showed the firm was not an authorized distributor of Chevron while Unioil had filed a case against Dr. Olalia.
The NBI added that it was the Montes couple who enticed the complainants to invest their money in Power Gen by promising them a guaranteed profit of six to eight percent monthly.
Allan Contado, NBI Anti-Graft Division chief, said Power Gen was registered with the Securities and Exchange Commission as a company trading in petroleum goods. It listed its office as Unit 804 Empire Plaza, 1473 Masangkay St., Sta. Cruz, Manila.
The firm, Contado added, did not have a secondary license to procure investments.
The NBI said the suspects operated other companies as fronts—
Avantventures Inc., St. Expeditus Industrial Sales Corp. (Sesco) and Germantech Asia Pacific Inc.
The victims told the NBI that they either deposited their investments in the company’s bank accounts or handed it over personally to the officers.
In 2006, however, the victims became suspicious when checks issued by the company allegedly bounced.
Inquirer contacted Sanchez to get her side but she declined to comment. With Marinel Cruz
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Note From Admin: Another scam again, yes again, and again, and again, and only in the Philippines
