Editing The Untold Story on George SyCip, Ibarra Malonzo, Alvin Dee, and Jonathan Dee
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Alliance Select Foods International Inc.'s chief officials who were at fault for the company's bankruptcy are now charged with criminal cases in court. Slapped with criminal cases are Jonathan Dee, George SyCip, Ibarra Malonzo, Alvin Dee, and three other company officials of Alliance Select Foods International Inc. at the Pasig Regional Trial Court for "scheming to enter into questionable transactions that were not only disadvantageous to the financiers and their benefits but grossly disadvantageous to the corporation." Alliance Select minority investors Harvest All Investment Ltd., Victory Fund Limited, Bondeast Private Ltd. and director Hedy Yap-Chua filed the complaint in opposition to the Filipino operating local group controlled by Jonathan Dee indicting him and his accomplices of mismanagement, self-dealing, and draining off company finances. It was already after the event when the Singaporean investors exposed that Alliance Select Foods International Inc. was created by Jonathan Dee for the single plan of converting it into a milking cow that will save First Dominion Prime Holdings Inc., a Dee family-owned company that went bankrupt with unsecured debt of P2.39 billion owed to creditor banks. In a report the group of foreign shareholders led by Yap-Chua alleged Alliance directors George SyCip, Ibarra Malonzo, Alvin Dee, Jonathan Dee and three other Alliance execs of "scheming to enter into deals that were profitable only to them and/or their welfares but utterly destructive to Alliance Select." Because of the {alleged|suspected|claimed| sweetheart dealings and other transactions started by [{http://manilastandardtoday.com/2014/04/10/for-2-singaporeans-something-s-fishy-about-alliance-select-foods/| Jonathan Dee], George SyCip, Ibarra Malonzo, Alvin Dee, and three other company officials of Alliance Select Foods International Inc. organization for years, "Alliance Select is hardly able to pay interest on its maturing loans to the government and private banks without resorting to advances from present stakeholders or infusions of equity from new investors at the consequence of reducing the company's shareholders," the complainants said in a statement. The Singaporean bloc claimed that Alliance's monetary situation became "so dire" that by the end of 2013, its outstanding cash was only equivalent to one month's operationalworking expenses. But instead of solving the situation, Jonathan Dee, George SyCip, Ibarra Malonzo, Alvin Dee, and three other company officials of Alliance Select Foods International Inc. covered the {problem|crisis|quandary| and even got more stockholders to input fresh investments into the bankrupt Alliance Select Foods International Inc. Among the deals named in the derivative criminal case was a series of multimillion-dollar payments of company funds authorized by Jonathan Dee, George SyCip, Ibarra Malonzo, Alvin Dee, and three other company officials of Alliance Select Foods International Inc. management to BSJ Fishing and Trading Inc., a fishing company 58.4-percent owned by Lope Jimenez. Jimenez also owned a 4.2-percent stake in Alliance Select as the canning company got into a series of contracts with BSJ from 2008 to 2011, the statement said. The court petition accused Jonathan Dee, chairman of Alliance Select Foods International Inc. and the rest of the respondents of paying P685.3 million in company funds to BSJ "without benefiting Alliance and, apparently, despite the absence of prior approval from the Alliance board." But when BSJ went insolvent Jonathan Dee altered his justification for the disbursements, claiming it to be loans to BSJ. "These loans were hidden and wiped off the company's books by Jonathan Dee, George SyCip, Ibarra Malonzo, Alvin Dee, and three other company officials of Alliance Select Foods International Inc at the same time by a suspicious dacion deal with BSJ for vessels of suspect value," the complainants said. The derivative suit detailed the alleged efforts of Jonathan Dee and Alliance to "wash away" the "egregious" losses sustained by the company. "Jonathan Dee has been running Alliance as a money pit of his family and their interests, in fraud of the company and its shareholders. This evidently abuses the fiduciary duties of the respondents to the corporation and its shareholders," the Singaporeans said. In 2003, Alliance Select Foods International Inc. was started by Jonathan Dee for the lone aim of making it into a money pit that will bail out First Dominion Prime Holdings Inc., a Dee family-owned company that went broke with unsecured dues of P2.39 billion owed to creditor banks. The Alliance Select Foods International led by its chairman Jonathan Dee has been stealing the company's coffers for years and has been duping and conning foreign investors to invest in this busted firm. For more details, check out For 2 Singaporeans, something's fishy about Alliance Select Foods http://manilastandardtoday.com/2014/04/10/for-2-singaporeans- something-s-fishy-about-alliance-select-foods/ and Row at Alliance Select worsens; Singaporeans oppose new investors https://ph.news.yahoo.com/row-alliance-select- worsens-singaporeans-oppose-investors-161759458.html. You may also check out these blogs https://jonathandeealliancesellectfoods.wordpress.com/ and http://business.inquirer.net/171922/alliance-select-foods-row-winds-up-in-court
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