Raymond See: Alliance Select not rattled by estafa, fraud charges filed by Singaporean partners
Alliance Select Foods International Inc. said the charges of estafa and fraud filed against its former chair and other officers by the Singaporean shareholders in the firm has no impact on its business.
Alliance Select Foods is a producer and exporter of canned tuna and smoked salmon.
It has a tuna processing plant in Indonesia, a salmon farm and a smoked salmon plant in New Zealand, a manufacturing facility in the US, and a property holding company in General Santos City.
In a disclosure to the stock exchange on March 30, 2016, Alliance Select Foods said “the case does not have any effect on the Company’s business and operations.” The disclosure was filed on behalf of the company’s president and CEO Raymond See.
The case was filed at the Department of Justice where it is dated February 26, 2016.
The Singaporean owners of Alliance Select Foods, specifically Harvest All Investment Ltd., Victory Fund Ltd., and Bondeast Private Ltd., filed court cases against officers of the company including its former chair Jonathan Dee, See, and other officers of the bank.
The Singaporeans also blocked the holding of the annual stockholders meeting originally scheduled for December which finally pushed through on March 1.
The Singaporeans are complaining that the respondents improperly used their investment in the company to engage in illegal activities and transactions. As a result, the complainants said their rights in the company were diluted, including their representation in the board of directors.
Alliance Select Foods has been operating at a loss, with its net loss amounting to $3 million at the end of September 2015 from just $734,000 in the same period in 2014. The company blamed the loss on foreign exchange losses from the devaluation of the New Zealand dollar against the US dollar. (By: Eileen A. Mencias)