3 money firm execs face raps

MANILA, Philippines - The Makati Regional Trial Court (RTC) has issued at least nine warrants of arrest for syndicated estafa against three directors of a remittance company for allegedly failing to remit at least P18 million in remittances from the United Kingdom to the Philippines.

In an interview, Special Investigator III Darwin Francisco of the National Bureau of Investigation’s (NBI’s) Special Task Force (STF), said at least nine complainants have filed a complaint against couple Adan and Lalaine Ubando, owners of the AJ Global Services Ltd. UK/Far East Express Remittance Inc. (FEERI); and Josephine Alayon, general manager and treasurer of the companies.

Francisco said they have filed the nine victims’ complaints before the Makati Prosecutor’s Office, which filed the case in court.

Francisco said the Ubandos and Alayon, through their lawyer, have denied the allegations but FEERI’s office at the South Star Plaza building has reportedly been abandoned.

The NBI started investigating FEERI over allegations that the money remitted by overseas Filipino workers in the UK has not reached their relatives in the Philippines. The money had been sent through AJ Global – another Ubando firm – in Orpington, Kent, England.

Court records show the Makati RTC did not accept the respondents’ statement that the money sent through AJ Global did not reach FEERI.

Not the first time

The NBI also said this is not the first time the Ubandos have been involved in missing funds.

Previously operating from the Orpington shop, using the original name Far East Express Remittance, they were sued by major money firm I Remit over several hundred thousands of British pounds as I Remit were acting as wholesalers for FEERI.

According to previous reports, the Ubandos placed FEERI into liquidation after losing the case, then started up Far East Express Services. I Remit again filed complaints, and the Ubandos changed the name to AJ Global.

In December 2009, the UK has banned the Ubandos from being directors of the companies in their country after the Insolvency Service of Companies House investigated AJ Global following several complaints from people who said their relatives in the Philippines never received the money they remitted through AJ Global.

Early last year, The NBI-STF filed charges of syndicated estafa against seven officers of FEERI after failing to remit money to a sister of a Filipino working in the UK. 

Charged were FEERI chairman and president Adan Ubando; Alayon as general manager and treasurer; Jerome Ubando, Lalaine Ubando and Edwin Ong, all FEERI incorporators; lawyer Roberto Dio, FEERI corporate secretary; and Ma. Pilar Pilares-Gutierrez, FEERI assistant corporate secretary.

The seven accused filed their counter-affidavits and denied all allegations against them.

Francisco said AJ Global and FEERI’s officers may have more victims who have yet to file charges against them.