Edge Davao Volume 12 Issue 249 |Friday, February 21, 2020

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HYUNDAI BOLSTERS PUV MODERNIZATION WITH CLASS 2 MODERN JEEPNEYS TURN OVER MOTORING P8

VOL.12 ISSUE 249 • FRIDAY, FEBRUARY 21, 2020

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Davao City Mayor Sara Duterte-Carpio, who is sporting a new haircut, spearheads the quarterly City Peace and Order Council (CPOC) meeting at the Grand Men Seng Hotel on Thursday. Also present during the CPOC are Vice Mayor Sebastian Duterte, members of the security cluster, LGU department heads, and representatives from the private sector. CIO

SYNDICATED ESTAFA

Court orders arrest of Organico officers By MAYA M. PADILLO

O

f�icers of Organico Agribusiness Ventures Corporation are now facing arrest for syndicated estafa after the Regional Trial Court (RTC) Branch 15 in Davao City issued a warrant of arrest on February 7, 2020. Ordered to be arrested are Cerrone Posas, president of Organico; Marve Posas, corporate �inance of�icer; Renato Subong and Karen Maasin, members of the board of

directors; Anthony Butalsac, corporate secretary; and Katherine Diao, Silverio Magbanua, and Pia Karla Libawan. Retired Police Major Simplicio Sagarino

Jr., head of Davao City Anti-Scam Unit (CASU), told media on Thursday’s I-Speak media forum that he learned about the warrant of arrest against the of�icials of Organico after his of�ice received a copy of the warrant on February 14, 2020. He said all the accused are currently at large. In June last year, the team of Criminal Investigation and Detection GroupDavao (CIDG-Davao)

served a search warrant at the Organico of�ice and seized boxes of coffee drinks, pouches of fertilizers, draft contracts, �liers, of�icial receipts, bank books, investment ledger, among other documents and items. In an advisory against Organico issued in May 2018, the Security and Exchange Commission (SEC) said the company was found to be soliciting investments of at least 10

shares priced at P1,800 each from the public, with a promised return of P450 per share every 15 days. Organico also had a 90-day scheme where investors are promised a pro�it of P7,000 after three months, alongside their initial P3,600 investment. The commission also stated that Organico is not authorized to offer, sell or distribute any investment/securities for lack of a secondary license.

“Nagapa-invest sila ug piglets, pag-abot ug one month ang imong P1,500 muabot ug P3,500 daw. Amo silang gipaadto sa among of�ice, gipangayuan namo sila ug clearances ug business permit. Nagkataon nga nakakuha sila ug business permit dinhi sa Davao City. Amo pud sila gipangayuan ug mga pictures kung asa dapit gipangbutang ilang mga pig-

SYNDICATED, P9


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Edge Davao Volume 12 Issue 249 |Friday, February 21, 2020 by Edge Davao The Business Paper - Issuu