By Genalyn Kabiling
A religious group allegedly engaged in investment scam would have to go to court if it seeks the lifting of the government’s closure order, a Palace official said Thursday.
Presidential Spokesman Salvador Panelo made the statement after Kapa-Community Ministry International reportedly appealed to President Duterte to reconsider his order to shut down its operations.
“Kailangan kasi mayroong court. Kung gusto nilang operational sila, siguro they will have to file [a] case in court [There should be a court order. If they want to be operational, maybe they will have to file a case in court],” Panelo said during a Palace press briefing.
READ MORE: NBI hopes to file raps vs Kapa by next week
Panelo said the President believes the group, which offered the alleged irregular get-rich-quick investment scheme, was committing estafa.
“As far as the President is concerned kasi, there’s a continuing crime of swindling or estafa,” he said.
“As far as he is concerned, there is a continuing crime. Kaya nga pinasarado niya eh [that’s why he ordered its closure],” he added.
According to Panelo, a pyramid scheme is fraudulent way of making money based on luring investors. He said such scheme usually pays few top-level investors from funds collected from newer investors. “Pero after that, biglang sasabog na [But after that, it will go bust,” he said.
On Kapa, he said the Securities and Exchange Commission has concluded its investigation that it was involved in a scam. “They are giving 30 percent as against our banks, giving at the most, malaki na 10 percent at 7 percent,” he said.
Panelo also said it was up to the Kapa members to decide where to invest their money. The Palace official admitted though he would prefer to invest his money in the bank for safety.
“Kung ako, hindi ako mag-iinvest. Sayang retirement funds, mga savings, mawawala ng parang bula [If it was me, he would not invest there. It’s a waste to lose retirement funds, savings. It will disappear like bubbles],” he said about Kapa.