Not only Negrenses were victimized by ‘pyramid’

The Securities and Exchange Commission has already filed a case against Jesus Tibayan and other officials of the Tibayan Legal Fund and Investment Company.

But that is not the jarring part of the story. While a group of 75 Negrenses have asked the National Bureau of Investigation to probe into the activities of Tibayan, it turns out now that there are many more who have been victimized from other parts of the country.

Lawyer Tomas Syquia said the complaints against Tibayan not only from Bacolod and Negros Occidental but also elsewhere. And he estimated that not only 115 were victimized by the firm.

Aside from the case filed with the Department of Justice, the SEC also issued a Cease and Desist Order against the company and revoked the licenses of Tibayan and sub-companies affiliated with it.

What is more significant was Syquia’s warming against the other companies of Tibayan. They reportedly sell "pyramid" schemes. This include MADCORP, VISMIN and PAR. All had been issued the CDO together with 12 other Tibayan companies.

Tibayan has yet to be tracked down. He has not appeared since the CDOs had been issued against his firms.

Already 75 Negrense complainants had submitted their affidavits to the NBI office in Bacolod.

NBI to file charges

NBI Bacolod chief Arturo Nunag yesterday said his agency is filing charges against 13 employees of the Tibayan Group Investment Co. Inc. in Bacolod.

The complainants complained they lost about P40 million in investments, the checks issued to them by Tibayan having bounced.

The expected respondents are Tibayan national officials, headed by Jesus, himself as chairman. The others include Ezekiel Martinez, president; Jimmy Catigan, special assistant to the president; Nelda Baran, administrative officer; Palmy Tibayan, treasurer; Liborio Elacio, comptroller; Roemel Mamuric, special assistant.

Also expected to be named as respondents are local officials headed by Reynaldo Cenzon, Bacolod manager; Mars Masacorte, Irving Gingson, Judy Nograles, and Elias Uytiepo.

Large scale estafa complaints will be filed against them as "principals by indispensable cooperation," said Nunag.

He pointed out that the mess could not have happened if they did not convince the people to invest, he added.

Senator Robert Jaworski, chair of the Senate committee on trade and industry, has included Tibayan In the list of 12 "Ponzi" and "Pyramid" scam suspects in his arrest order.

The 12 had been summoned to a public hearing by the Jaworski committee on March 6 but failed to appear.

Tibayan and his wife, Evelyn, failed to appear at the public hearing. The others included Ervin and Evelyna Mateo of MMG Holdings, Inc. SPO3 Alex Cacananta and Orlando Santos of MTS Trading; Ereneo Sison of TCS Exports; Maria Nina Rebecca Marquez and a certain Reyes of Truck Trading; Saturnino Baladjay of Multitel Co. and Helen Garcia.

Rosario Baladjay was arrested Wednesday in Mangaldan, Pangasinan, while Ervin Mateo was collared in Paranaque last Sunday.

The Senate estimated that for the last 10 years, these companies have been operating they had defrauded some P25 billion from at least two million Filipinos.

Meanwhile, Cenzon, the local Tibayan manager, and his co-employees failed to appear at the NBI headquarters, contending that they be furnish first with the charges against them.

Cenzon contended that he, himself, was a victim. He claimed that he and his co-workers had not been paid back for their investments. This was, however, belied by one of the victims, Jose Depasucat, who claimed that the commissions received by Cenzon more than paid up for what the Tibayan manager had plunked in.

Cenzon added that Tibayan had written a letter that he will not renege on his obligations. The problem is not that Tibayan is bankrupt but only plagued by liquidity problem.

Lawyer Joselito Bayatan sent a letter to Nunag asking that the NBI specify the nature and character of the investigation of his clients.

He also asked the NBI to furnish him copies of documents and the complaints against his clients so they can determine what counter-evidence to bring along.

Nunag, however, said that he had informed Bayatan about the charges against them, pointing out that the Tibayan case had long been the headline stories carried in local dailies. But he admitted that it is Cenzon’s and his co-respondents right to remain silent. But he said they could not pretend not to know what they are going to be investigated about.

Lawyer Jocelle Batapa-Sigue, the counsel of 72 of the local complainants, said there are 115 Negrenses victimized by Tibayan.

VMC row

There will be showdown next week among members of the board of directors of the Victorias Milling Company, the country’s biggest sugar mill.

The eyes of sugar farmers are focused on the goings-on. This after the controversial walkout last week by VMC president Arthur Aguilar, which had been billed as resignation.

Aguilar contended that he suffered a rise in blood pressure and simply walked out because he had to seek medical treatment.

Before the showdown, Aguilar took issue with Taipan Andrew Gotianum whose questioning of Aguilar’s financial report led to the controversial walkout when the VMC president was reportedly not granted by the board the right of reply.

Aguilar stressed that the mill was able to post record production and operated at a no-financial cost environment under a debt restructuring agreement.

Gotianum, who is not even a director, questioned that, claiming that earnings before interest and taxes (EBITA) dropped to P93.9 million for the Crop Year ending August 2002 from P172.9 million, or a drop of 66 percent.

Aguilar contended that VMC produced P938 million in EBITDS which was used to expand the mill’s capacity, rehabilitate factory equipment, environmental compliance, update tax and SSS liabilities, infrastructure and payables to retirees and those retrenched.

"What is important is that a decisive turnaround has been achieved and, with the support from the board, this will be sustained," Aguilar emphasized.

The March 21 board meeting of the consortium will be held in the VMC compound here.

Already, there were indications of massive support by the firm’s workers as well as by the sugar farmers who mill at the VMC for Aguilar.

The VMC president said he expects the board to get the P300 million capital infusion either through equity or loan with a 10 percent interest payable in three years as mandated by the Rehabilitation Plan approved by the SEC.