THE Makati City Regional Trial Court has ordered the arrest of business tycoon George Sycip and six other officers of the Alliance International Inc. (Alliance) for the crime of estafa.
Judge Honorio E. Guanlao, Jr. of Branch 57 dismissed for lack of merit the Motion to Quash Warrant of Arrest and ordered the arrest of Sycip, board of directors Jonathan Y. Dee, Alvin Y. Dee, Joanna Y. Dee-Laurel, Teresita S. Ladanga, Grace S. Dogillo and Arak Ratborihan.
Bail was set at P120,000 for each of the respondents. Sycip is the son of renowned accountant Washington Sycip, who co-founded the accounting firm SGV & Co. in 1946.
The Department of Justice was able to prove during the preliminary investigation that there was probable cause against Sycip and other Alliance officers for the crime of estafa under Article 315 2(a) of the Revised Penal Code.
Alliance’s foreign shareholders, Harvest All Investment Limited, Victory Fund Limited, Bondeast Private Limited and Hedy S.C. Yap Chua, filed the case accusing the respondents of improperly using their investments.
The complainants said the respondents enticed them to invest their money in January 2009 amounting to more than P75 million by making them believe that Alliance was a financially rewarding company.
Alliance was created for the purpose of manufacturing, canning, sale, importing and exporting of tuna and salmon.