Binay to talk with victims of Asiatique scam

MANILA, Philippines - Vice President Jejomar Binay will hold a dialogue with victims of the alleged double sale of the properties developed by the Globe Asiatique at the Pag-IBIG Fund headquarters in Makati today.

Binay chairs the Housing and Urban Development Coordinating Council.

Pag-IBIG Fund president and CEO Darlene Marie Berberabe accused the firm of using a “modified Ponzi” scheme to siphon off P6.6 billion from the agency to develop its Xevera projects in Pampanga. She said Globe Asiatique paid fake borrowers to become “instant” Pag-IBIG members and obtain housing loans.

 “Since the transaction purportedly involves the borrowing of money for the purchase of housing units, the proceeds necessarily went to Globe Asiatique,” she said. “As the buyers are fakes, not a single loan amortization is paid by them. Amortizations are actually paid by Globe Asiatique. This is a fact admitted by Delfin Lee, Globe Asiatique’s president.”

In October 2010, Binay ordered Pag-IBIG to blacklist Globe Asiatique, barring the company from availing of additional loans from the shelter financing agency.

Lee, other company officials and a Pag-ibig lawyer are facing three charges of syndicated estafa constituting economic sabotage, a non-bailable offense.