No bail for KAPA execs in investment scam â Duterte
File photo of KAPA-Community Ministry International Inc founder Pastor Joel Apolinario in Taytay Rizal
Boy Santos
No bail for KAPA execs in investment scam — Duterte
Alexis Romero, Edith Regalado (The Philippine Star) - June 14, 2019 - 12:00am

DAVAO CITY  , Philippines  —  Those who will continue the operations of Kapa Ministry International  Inc. (KAPA) will be arrested without bail, President Duterte said yesterday.

“All of you who are in KAPA, in case your names will appear in the papers, watch out because you will be arrested without bail,” the President said in his speech during the distribution of certificates of land ownership at the Lagao Gym in General Santos City.

“You have to listen to me. I am a lawyer and I am your President... Do not ever get into KAPA. Do not be offended. If it is too good to be true, it must be fraud,,” he said.

“I am sorry, the operation  shall stop immediately,” the President added.

Duterte said he was only  implementing the law when he ordered the closure of KAPA offices, noting that the operations of the organization is “clearly Ponzi style.”

Presidential spokesman Salvador Panelo said the cease and desist order issued by the Securities and Exchange Commission (SEC)against KAPA means the religious organization is involved in a scam. 

“Can you imagine, they are giving 30 percent (interest on investments) when the highest given by our banks is only nine percent,” Panelo told a press briefing. “If they want to remain operational... they will have to file cases in court.”

He  said President Duterte ordered the closure of KAPA because he believes that it is committing a “continuing crime.” 

Prayer rally

Thousands gathered at the Calumpang Sports Complex in General Santos City yesterday in protest of the President’s directive to padlock KAPA.

”We want God to hear our prayers... to touch the heart of President Duterte to reconsider his stand against KAPA,” Ronnie Garay, one of the convenors of the prayer rally, told The STAR.

Garay maintained that KAPA is not  involved in an investment scam.

“Kung masama ang ginagawa ng KAPA sana may nagreklamo na... Dahil walang nag-rereklamo, nagpapatunay lang na walang ginagawang masama ang KAPA,” Garay said.

The National Bureau of Investigation and police Criminal Investigation and Detection Group shut down various offices of KAPA, which according to the SEC was involved in the biggest investment scam to hit the country in recent years.

The agency said it found substantial evidence that the corporation has been offering and selling securities in the form of investment contracts without license.

The SEC said KAPA has pooled around P50 billion from around five million of its members. KAPA members are reportedly required to make a minimum investment of P10,000 so they could receive a 30 percent interest, which they call “blessings.” – With John Unson, Ramil Bajo

INVESTMENT SCAM JOEL APOLINARIO KAPA MINISTRY INTERNATIONAL INC.
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