Pagadian mayor dismisses scam charges as politically motivated

COTABATO CITY, Philippines – Pagadian Mayor Samuel Co described yesterday the charges linking him to the large-scale financial scam of the Aman Futures as politically motivated.

Co denied that he imposed taxes on every investment entered to the Aman Futures.

Co, who’s term ends this June 30, ran but lost in the congressional race for Zamboanga del Sur in the May 13 elections.

Julius Labunog, one of the victims of the pyramiding scheme, had implicated Co in the syndicated estafa case filed against the incorporators, directors and agents of the Aman Futures.

Judge Alberto Quinto has issued warrant for the arrest of the respondents, including Co.

Co said that aside from Labunog’s affidavit, no other document or testimony had linked him to the controversy.

In his affidavit, Labunog claimed that Co imposed taxes on every investment to Aman, which would be payable to the City of Pagadian.

Co said the city government has not collected and did not collect the supposed four percent tax on Aman investments. 

However, he admitted that the city government had collected P39,790 business tax from Aman when it opened its branch in the city last year.  He said the tax was required under the Securities and Exchange Commission  (SEC).

He said just like the petitioners, he was also a victim of the “get-rich quickly” scheme.