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National (as of 8:23 PM)

Korina Sanchez denies investing in FrancSwiss

Broadcast journalist Korina Sanchez on Tuesday said she does not have investments in online firm FrancSwiss.

“I categorically deny making any investment in FrancSwiss. It was irresponsible for the National Bureau of Investigation to make the reckless allegation and destroy my reputation as a broadcast journalist, which I carefully built and protected through the years,” Sanchez said in a statement.

Sanchez, who is abroad, said that she is prepared to face her accusers and answer allegations when she returns to Manila.

“In this profession, credibility is of paramount importance. My name is being used by scam artists to attract more investors,” she said.

Sanchez was among celebrities allegedly used by scam artists to attract more investors.

Reports said that even actress Ara Mina was used by recruiters to entice victims to invest in FrancSwiss.

The NBI said that it is preparing to file a class suit against the alleged mastermind of the scam in the country after more investors have emerged to file their complaints.

On Monday, a complainant named Reny Bayaca went to Manila from Baguio City to lodge a complaint against Eleazard Castillo, the chief financial adviser of FrancSwiss who was arrested last week.

Bayaca said he invested $7,000 in FrancSwiss on June 4. Since, June 26, however, Bayaca said he has not been able to open the Web site of FrancSwiss to check his investment.

The complainant said his investment came from his cellular phone business. He added that he encouraged a sibling to invest in FrancSwiss.

Another complainant identified only as "Gardo" said he and his wife learned their lesson too late. He said he invested $2,000 of the money he borrowed from the neighborhood lender. Now, the person who loaned him the money is asking for the payment. Gardo said he has yet to come up with the payment for the loan.

Gardo is one of 20 employees of a company who were tricked putting their money in FrancSwiss. The group has named a certain Edwin Cendana as their FrancSwiss recruiter.

Cendana is wanted by the NBI.

Ruel Lasala, NBI director for Metro Manila, said some complainants are still undecided whether to file charges because majority of the recruiters are either their relatives, friends or superiors in the companies where they work.

In a related development, Lasala said that five officers from the Manila Police District went to the NBI to file their complaints but reconsidered at the last minute since the recruiter is their boss.

The NBI has also identified three foreigners who are reportedly involved in the scam. They are American national Roger Smith, who heads the FrancSwiss Investment in the Asia-Pacific Region; and Singaporean nationals Raymond Chua and Bensy Fong, who hold office on Madison Avenue in New York.

With a minimum investment of $1,000, investors are allegedly promised a daily interest of 4.5 percent, which is equivalent to $45. They were told that they are entitled to a 10 percent commission for every investor they bring in. With a report from The Philippine Star

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Halalan 2007
Results of 2007 Congressional Elections
Results of 2007 Local Elections

Halalan 2007

Untitled Document

  Retrieval operations sa tumagilid na RORO tuloy pa rin
  Investor ng FrancSwiss inireklamo ang mga humuli sa kanya

  Siyam na tripulanteng Pinoy nawawala sa paglubog ng barko sa Oman


Kapamilya Overseas

Untitled Document

PNR rehab should be supported by all sectors
By ALEJANDRO R. ROCES


As of July 13, 2007
4 p.m.

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