Panelo says closure order on Kapa Ministry well within authority of government

By Genalyn Kabiling 

Law enforcement authorities can close down Kapa-Community Ministry International Inc. over alleged investment scam without waiting for a court order, according to a Palace official.

Presidential Spokesman Salvador Panelo (OPS / MANILA BULLETIN) Presidential Spokesman Salvador Panelo

Presidential Spokesman Salvador Panelo affirmed that the President's closure order of the firm allegedly engaged in fraudulent investment scheme was enough for the authorities to take action.

"If the crime is being committed now, they can stop it. They can padlock that company," Panelo said during a Palace press briefing when asked if authorities needed a court order to shut down the firm.

Asked if the President's ordered was enough to implement the closure order, Panelo said: "I think so, yes."

He admitted that the President has received many complaints about the alleged bogus investment scheme by Kapa.

"There have been numerous complaints with the President. Me too, I have been receiving complaints from certain people. That may have prompted the President to order the closure," he said.

Last Saturday, President Duterte ordered the National Bureau of Investigation (NBI) and the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG)to shut down Kapa over the alleged irregular get-rich quick pyramiding scheme. He claimed that the the company was allegedly involved in "syndicated estafa."

"When it is good to be true, it is fraud," Duterte said during the television program hosted by pastor Apollo Quiboloy last Saturday.

"Biro mo 'yung 100,000 mo would earn 30,000 a month? Ni bangko na 'yung Banko Sentral natin magbigay, tres lang porsyento. Ilan ang porsyento ngayon na? Annually ha ," he added.

The Securities and Exchange Commissioner (SEC) earlier revoked the registration of Kapa for alleged authorized sale of securities. The company was allegedly selling securities in the form of investment contracts in guise of donations without a proper license.

On reports Kapa has allegedly defied the SEC order, Panelo said: "The CIDG would know what to do.”