The Court of Appeals has extended the freeze order on the bank, investment, and insurance accounts of Maria Francesca Tan (MFT) Group of Companies Inc. for an additional six months.
This extension aims to safeguard the public from the group’s alleged illegal activities. On May 30, the CA denied the MFT Group’s request to lift the freeze and confirmed the extension until November 9, 2024.
The court emphasized that this extension allows the government sufficient time to prepare its case and file appropriate charges without the risk of the assets being dissipated.
“A freeze order is an extraordinary and interim relief issued by the CA to prevent the dissipation, removal, or disposal of properties that are suspected to be the proceeds of, or related to, unlawful activities as defined in Section 3(i) of [Republic Act] No. 9160, as amended,” the appellate court held.
“Based on the surrounding facts and circumstances, we cannot rule out the possibility that the subject bank, securities, and insurance accounts and the related and materially-linked accounts may have been used for the Ponzi scheme,” according to the CA.
Under the Anti-Money Laundering Act (AMLA) of 2001, the CA can issue a freeze order based on a verified petition by the AMLC if probable cause is established linking the assets to unlawful activities.
