Court: Arrest Sycio son

April 21, 2019

THE Makati City regional trial court has issued separate warrants of arrest against business tycoon George Sycip and six other officers of the Alliance International Inc. (Alliance) for the crime of estafa.

This was after Judge Honorio E. Guanlao, Jr. of Branch 57 dismissed the respondents’ Motion to Quash Warrant of Arrest and/or dismiss the case, for lack of merit.

Aside from Sycip, ordered arrested were 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 each. Sycip is the son of renowned accountant Washington Sycip,  who co-founded accounting firm SGV & Co. in 1946.

“Wherefore, the aforesaid motion is Denied for lack of merit. Let warrant of arrest be issued against the accused for them to be placed under the custody of the law,” the order reads.

During preliminary investigation, the Department of Justice found 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 claiming that the respondents allegedly improperly used their investments.

According to the complainants, the respondents allegedly 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.