The Court of Appeals (CA) has ordered the freezing of the bank, investment, and insurance accounts of Maria Francesca Tan (MFT) Group of Companies Inc. amid a crackdown launched by the Securities and Exchange Commission.
On May 13, the CA granted the Anti-Money Laundering Council’s (AMLC) petition to freeze these accounts for 20 days.
The order affects 138 bank accounts, four securities accounts, and four insurance accounts tied to the MFT Group and several officials.
This action follows probable cause that these assets are linked to unlawful activities under the Anti-Money Laundering Act. The investigation also includes violations under the Securities Regulation Code.
In a separate resolution on May 17, the CA allowed the AMLC to investigate the group’s bank, securities, and insurance accounts for 120 days.
“Indeed, there is probable cause that the subject bank, securities, and insurance accounts stated herein may be related to violations of Section 8.1, Sections 26.1 and 26.3, and Section 28.1 of the Securities Regulation Code, listed as an unlawful activity under Section 3(i)(33) of the AMLA, as amended,” according to the CA.
Last April 5, the SEC filed a criminal complaint with the Department of Justice against Tan and other individuals associated with MFT and Foundry Ventures I for engaging in illegal investment activities.
It also filed charges against external auditor PwC Philippines, also known as Isla Lipana & Co., and two of its accountants.
