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Intl Estafa

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1 Intl Estafa on Sun Jul 03, 2011 7:55 am

malice


Arresto Menor
Good day, as per topic but this is not about bouncing checks. The case began when a certain "investor" gave money to a business here in the Philippines. The company followed protocol with full disclosure and investment proposal. Both parties agreed to a certain amount with schedule of pay back. The money invested was only 1/10 of the needed capital. But parties agreed to a plan which is outside of the written agreement. Also, the investor insisted that it to be a partnership. Since the company (single prop) believed that the investor can "handle" the cash requirements of the business, the company agreed not to have additional investors. Verbally, the investor will pay salaries and other expenses (ie office rent etc) which is to be given monthly. The investor gave investment amount plus 1 month expenses totalling to 300K pesos. After 6 weeks, the company sent liquidation report. The investor then said, the company dont deserve to have monthly stipend. the company cried foul. The investor said, we have not signed anything. One thing led to another and in the end one investigator found out that the investor wants to buy the company for only 600K. The company is over 10 years old and it has a brand name that is well known in its niche market not only locally but also worldwide - brand equity. Not needing immediate investors, the company can still operate on a shoe-string budget. The company went into a spiralling decline after that. Needless to say, the company did its job in handling the business under the investor for 6 weeks. The investor reason was, a shoe was bought for one of the employees. The shoe was bought outside of the business. Meaning, the investor only invested in one part of the business which publishing. The shoe was bought from the earnings of the company event which is separate from the publishing business. But still, its kinda stupid that the investor will base their decision in a shoe IF they dont have bad motives.
Anyway, are there any grounds for damages? The investor misrepresented themselves. Lied and made libelous claims. In the end They admitted that they cant afford to sustain this business. Plus they have this plan to buy the company with just pennies. Real damage has been made. The company stopped its publishing abruptly and incurred losses, debt and was humiliated. Again, no contracts has been signed. The company always email the investor, but the investor dont email back. The investor (a filipino living in the USA) also wanted a public official to handle their business here coz they are related by law, not by blood. Now they are harrasing the company to return the money. No checks was issued. All are through western union.
Thank you for your time.

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2 Re: Intl Estafa on Sun Jul 03, 2011 9:11 am

lOst_StuDent


Prision Correccional
I'm not convinced this is estafa. perhaps this is more of a contract and obligation. you can file a suit to recover your damages. the liability is mainly base on contract or culpa-contractual, you can also claim liability from torts if you can prove it.

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3 Re: Intl Estafa on Sun Jul 03, 2011 10:08 pm

malice


Arresto Menor
Bad thing is, the investor is saying fraud and swindling in facebook. Telling people and paying people to go against the company. There has been no civil case against the company/owners. The company have sponsors from top 10 corporations in the Philippines and have dealing with other similar companies in other countries. Technically, the company has contracts with others and have honored it and they are happy. Now the fraudulent investor is defaming and making libelous remarks in fb againts the company. I believed the company blocked the investor but still, the friends of the company are seeing the libel.

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4 Re: Intl Estafa on Sun Jul 03, 2011 10:27 pm

lOst_StuDent


Prision Correccional
The company should file a libel case against the investor. Gather all evidence they can.

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5 Re: Intl Estafa on Mon Jul 04, 2011 12:02 pm

malice


Arresto Menor
I also found out that the investor never made any demand letters to the company. Not even one. Now they are telling people that the company committed fraud. Very bad.

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6 Re: Intl Estafa Today at 8:00 pm

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