CA extends freeze order on MFT Group bank accounts
THE Securities and Exchange Commission (SEC) said the freeze order on the bank, investment, and insurance accounts of Maria Francesca Tan (MFT) Group of Companies, Inc. has been extended by the Court of Appeals (CA) for six months.
The CA promulgated a resolution on May 30 granting the extension of the freeze order over the MFT Group’s accounts until Nov. 9, the SEC said in an e-mailed statement on Tuesday.
The freeze order on the MFT Group’s accounts, previously covering a 20-day period, was initially issued on May 13. It covers 138 bank accounts, four securities accounts, and four insurance accounts.
“The CA noted that the freeze order will give the government the necessary time to prepare its case and file the appropriate charges without worrying about the possible dissipation of the assets that could be related to suspected illegal activities,” the SEC said.
The freeze order was issued after the MFT Group was found to be soliciting investments from the public without the necessary licenses from the SEC.
SEC investigations showed that the MFT Group promised guaranteed returns ranging from 12% to 18% of the amount invested, which was considered as interest income.
BusinessWorld sought comment from the MFT Group regarding the extended freeze order but has yet to receive a response as of the deadline. — Revin Mikhael D. Ochave