Luis Manzano seeks NBI help after fuel company scam allegations

Jan Milo Severo - Philstar.com
Luis Manzano seeks NBI help after fuel company scam allegations
TV host Luis Manzano
ABS-CBN / Released

MANILA, Philippines — Kapamilya host Luis Manzano sought the help of the National Bureau of Investigation (NBI) in an investment mess involving Flex Fuel Petroleum Corp. 

This came after an investor in the corporation released a press statement asking Manzano to recover their investment. 

In a letter addressed to NBI Director Atty. Medardo De Lemos dated November 8, 2022, Manzano, through his legal counsel, Atty. Regidor Caringal, clarified that he had "resolved to divest his interest and resigned as chairman of the board" of several corporations in the ICM group headed by Chief Executive Officer Ildefonso Medel, including Flex Fuel Petroleum Corp.

According to Caringal, "various individuals claiming to be investors/co-owners of Flex Fuel have been reaching out to our client for assistance."

Caringal said that Manzano was appealing to the NBI "to conduct an investigation on this matter" as Medel had failed to address the concerns of the said investors.

In an affidavit dated December 21, 2022, Manzano explained that he was made chairman of the board of Medel's companies "as one of the guaranties for my investment."

Manzano stressed, however, that "I never took part in the management of the business" and later resigned and formally disassociated himself from ICM group companies, including Flex Fuel.

"Bong conducted the business in such a way that operational matters were kept away from me," said Manzano, who added that Medel did not disclose "important matters" to him.

In the same affidavit, Manzano narrated that after resigning from Flex Fuel and other ICM companies in February 2022, various investors reached out to him for assistance, but after relaying these to Medel, no action was taken by the latter.

"Up to now there are still individuals reaching out to me for help and assistance regarding their investments in Flex Fuel," he said. 

At least five investors filed a complaint against Manzano before the NBI. 

Investor and spokesperson Jinky Isabel said that Manzano should be liable for the alleged scam despite his claim that he never took part in the management of the business.

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