Kapa ‘donors’ challenge closure order before SC
Credit to Author: Tempo Desk| Date: Wed, 26 Jun 2019 12:26:01 +0000
“Donors” of Kapa Community Ministry International Inc. have asked the Supreme Court to compel the government, through the Securities and Exchange Commission, to allow the religious group to resume its operations.
In a petition, Rhema International Livelihood Foundation Inc. – a Kapa investor – challenged SEC’s closure order against Kapa as a non-stock corporation.
The petition was filed for Rhema by its executives Manuelito Traya and Roberto Apduhan Sr. through lawyer Engracio Icasiano.
Named respondents were President Duterte and SEC Chairman Emilio Aquino.
Rhema, which called itself a Kapa “donor,” also asked the SC to remove Cirfund from the list of unregistered investment entities. Cirfund, it said, is its online platform which is backed up by documents to support the legality of its (Cirfund’s) business acts and deeds.
It told the SC it is a licensed foundation accredited with the Department of Social Welfare and Development and local government units in Metro Manila and Rizal and that Cirfund is its special project.
Earlier, SEC had said it had issued an advisory against Kapa’s operations as early as March 2017, had also issued a cease and desist order last February, and an order of revocation of the nonstock corporation’s registration last April.
Through the Anti-Money Laundering Council, SEC had also secured a freeze order from the Court of Appeals to preserve some P100 million in assets linked to Kapa.
In their petition, Rhema executives said their constitutional right to due process was violated by SEC and the President when they “railroaded the process of law, making it summary procedure when it is supposed to be in a full-blown trial.”
They accused the SEC of grave abuse of discretion in issuing an advisory last May 31 that tagged Rhema as among the “unregistered investment entities” because of its investment program, Cirfund.
They explained: “The members of Rhema Foundation or Cirfund were able to donate for Kapa Ministry being a religious organization because we believed in the word of God that Our God Jehovah will bless us and that He will open the windows of heaven to pour out blessings until there is no room for it. We believe that the more we give, the more we are blessed.”
They asked the SC to compel the SEC, through Aquino, and the President to give compensation not less than P3 billion “for destroying Cirfund.”
The SEC filed with the Department of Justice last week charges of violations of the Securities and Regulation Code against Kapa, its founder and president Joel Apolinario, trustee Margie Danao, corporate secretary Reyna Apolinario, and officials Marisol Diaz, Adelfa Fernandico, Moises Mopia, Catherine Evangelista, and Rene Catubigan over the alleged large-scale investment scam. (Rey Panaligan)