The embattled MFT Group of businesswoman Maria Francesca “Mica” Tan will appeal a freeze order of its financial accounts, asserting the legitimacy of its operations while emphasizing the lack of basis for the resolution.
“The resolution of the Court of Appeals is not yet final and we are hopeful that it can still be reversed on appeal,” MFT said in a statement on Wednesday.
The CA order affected 138 bank accounts, four securities accounts, and four insurance accounts tied to MFT Group, which is being accused by the Securities and Exchange Commission of unlawful selling investments to the public—a charge the group strongly denies.
“While we respect and will abide by the resolution issued by the Court of Appeals on the application for freeze order applied for by the Anti-Money Laundering Council (AMLC), upon the instigation by the Securities and Exchange Commission, we respectfully disagree that it has any basis,” MFT Group said.
“The petition suffered from a crucial evidentiary gap that should have prevented the court from issuing a freeze order because AMLC failed to establish how each of the accounts are materially linked to the alleged unlawful activity of selling unregistered securities,” it added.
No proof
MFT went further and said the AMLC merely listed respondents’ bank accounts and covered transaction reports and then assumed these were from alleged illegal transactions.
“Not an iota of proof was presented to establish any link between the supposedly solicited investments and any of bank accounts,” MFT said.
"The MFT Group maintains legitimate business operations, which entail the payment of obligations to third persons, such as their suppliers, service providers, and even their employees who are likewise unjustly affected by the unwarranted freezing of bank accounts,” the company added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
