Pagadian mayor admits ‘helping’ Aman Futures

MANILA, Philippines - Pagadian City Mayor Samuel Co has admitted working to legalize the operation of Aman Futures Group Phils. Inc., the trading firm linked to a P12-billion investment scam that victimized some 15,000 people in the Visayas and Mindanao.

In an affidavit submitted to the Department of Justice (DOJ) last Monday, Co said he had met with Aman board member Fernando Luna to ask for several documents.

“If only to protect the investing public of their considerable investments, during the interim of the submission of the required secondary permit, the Permits and Licensing Division recommended the issuance of a temporary permit valid only for 60 days,” read the affidavit.

Co said Manuel Amalilio visited him in his office at City Hall in July to brief him about Aman.

Amalilio submitted a certificate of incorporation from the Securities and Exchange Commission, he added.

Co said he had invested P3,266,700 in Aman Futures under the account name Bo’s Coffee on Sept. 11, with interest of 58 percent after 17 days.

He made another investment the following day under the account name Max’s Chicken, with an amount of P3,205,500 with a 60-percent interest after 17 days, he added.

Co’s affidavit showed his investments with returns, including personal and pool investments from relatives and friends, totaled P42 million.

Co said when Aman collapsed last October, he was issued two checks in the amount of P5 million each.

He tried to cash the checks in Makati on Oct. 5, but the checks were “dishonored and returned” for insufficient funds, he added.

Co and his wife Pricilla Ann have been charged with syndicated estafa before the Department of Justice.

The complainants are businessman Samsodin Ala, fire officer Fabian Tapayan Jr. and government employee Norolhaya Taha.

The Court of Appeals has frozen the bank accounts of Co.

Tapayan accused Co of personally receiving investments from victims.

He had corroborated an earlier statement of Aman financial manager Ma. Donna Coyme that Co had distributed checks to some investors.

Investor Zaalica Adiong had also filed a complaint against Co and City Treasurer Flornina Gerona last Dec. 4.

A special panel will will hold separate preliminary investigations on the various complaints against Co and his wife.

The DOJ is investigating 15 sets of complaints against Aman.