PEP Coalition

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Yuchengcos sued for syndicated ‘estafa’

By Doris Dumlao
Philippine Daily Inquirer
First Posted 03:48:00 01/31/2009

MANILA, Philippines — A client of troubled Pacific Plans Inc. filed Friday a complaint of syndicated fraud, a no-bail offense, against members of the Yuchengco family and other directors and officers of the pre-need company, which was recently sold to an investor for P250 million.

Victoria Gomez-Jacinto, a member of the Parents Enabling Parents (PEP) Coalition, a group of clients of Pacific Plans and other ailing pre-need plan companies, said in her petition there was probable cause to hold 21 respondents for trial for the crime of syndicated fraud, or “estafa,” as the offense is commonly known locally.

Included in the criminal complaint were Alfonso Yuchengco Sr., Helen Yuchengco-Dee, Alfonso Yuchengco III, Yvonne Yuchengco and Pacific Plans president Alfredo Non.

“The filing of syndicated estafa and swindling charges is our response to the Yuchengcos’ latest move to wash their hands off this abominable scam and implement an apparently well thought-out exit strategy,” PEP Coalition president Philip Piccio said in a statement.

The Yuchengco group, which is also in insurance, banking and other industries, recently sold Pacific Plans, lock, stock and barrel, to a group led by investment banker Noel Oñate, best known as the founder of Asian Spirit Airlines, which he has sold.

The Yuchengco group’s Grepalife Holdings Inc., in a statement issued Friday in reaction to the charges, said it regretted the much publicized filing by PEP Coalition of charges.

“Grepalife Holdings finds comfort knowing that the unfounded and recycled accusation of syndicated estafa arising from the sale of Pacific Plans will not prosper and the fact that the plan holders will continue to be protected and their claims paid by the new owner,” the statement said. With editing by INQUIRER.net

January 31, 2009 - Posted by | Philippine Newspapers/Web News | , , , ,

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