Tsinoy trader arrested for P7-M theft

The police arrested a Filipino-Chinese businessman yesterday for allegedly running away with P7 million entrusted to him by his business associate.

Inspector Alfredo Acson, head of Caloocan police station’s warrant and subpoena section, said Jackson Chua, 24, was arrested on the strength of an arrest warrant issued by Caloocan Regional Trial Court Branch 122 Judge Edmundo Acuña.

Acuña’s arrest order on Chua was prompted by a complaint lodged by his business partner, who requested anonymity.

The complainant said Chua ran away with a total of P7 million intended for the expansion of their stainless steel manufacturing business sometime in July 2007.

Chua allegedly wanted to leave the partnership and start his own business. He said the suspect also tried to entice their workers into joining him in his new business.

Acson said they collared Chua at around 11:30 p.m. Wednesday in East Grace Park, Caloocan after an informant tipped off the police.

The City Prosecutor’s Office found probable cause and charged the suspect with qualified theft and grave abuse of confidence. No bail was recommended for his temporary liberty.

Chua was brought to the Caloocan City Jail on commitment orders of the court.