Subic theme park owner wanted for estafa

SUBIC BAY Freeport, Philippines – Authorities are looking for a businessman who owns a theme park here after an Olongapo City court issued two warrants for his arrest for estafa.

Timothy Desmond, chairman and chief executive officer of Subic Bay Marine Explorarium Inc. (SBMEI), which operates Ocean Adventure Marine Park, is the subject of the warrants issued by Olongapo City Judge Richard Paradeza.

Paradeza, in an order dated Nov. 4, set no bail for the syndicated estafa charges filed against Desmond while an P80,000 bail was set for a simple estafa case.

The warrants against Desmond was issued after the Supreme Court (SC) found probable cause against him for the crimes charged, Paradeza said.

Desmond was accused of allegedly defrauding a former business partner Virginia delos Santos-Dio of some $2.15 million.

The case dragged on for the past 10 years, with both parties, filing appeals and motions that have reached the high court.

In June this year, the SC reinstated the criminal cases filed by Dio against Desmond.

In a ruling issued in June last year, the SC reversed the decisions of the Court of Appeals and the Olongapo City court dismissing the two counts of estafa cases filed against Desmond.

 In one of the cases, Dio accused Desmond of defrauding her company, H.S. Equities Limited, when he allegedly claimed that he had the expertise, qualifications, resources and connections with Subic Bay Metropolitan Authority and other financing institutions to ensure the viability of the Ocean Adventure project.

Dio claimed Desmond allegedly submitted spurious documents to convince her to invest $1.15 million in the theme park project. She said Desmond reportedly misappropriated the amount for his personal benefit.

In the second complaint, Dio claimed Desmond defrauded her other company, Westdale Assets, Ltd., in the amount of $1 million, which she entrusted to him for the construction of a beach resort and a school that would provide free education for poor students of Subic.

Dio offered a reward of P200,000 to anyone who could give information leading to Desmond’s arrest.