MANILA, Philippines - Pagadian City Mayor Samuel Co denied involvement in Aman Futures, the trading firm currently being investigated by authorities for duping thousands of an estimated P12 billion.
Co told ANC Headstart on Wednesday he even ordered an investigation into the company in June this year as Aman Futures' offer of a 38% interest for an 8-day investment is too suspicious.
However, hundreds of investors pleaded with him not to close down Aman Futures because they were earning from the company, Co said.
Thus, Co couldn't file a case against the trading firm as there was no complainant or evidence at that time.
"I asked my chief of police and licensing to possibly close down the operation in June and hold them responsible and put them to jail. But the problem is when they returned, they just give me a recommendation to cancel the business permit," Co said.
"My police are afraid to stop it... They said there are no complainants."
Co said that he already ordered the cancellation of Aman Futures' business permit in June but granted it a new one amid pressures from investors.
Moreover, Co said since Aman Futures' headquarters is situated in a residential area, shutting it down will make him liable for violation of human rights.
Co, who invested P10 million in Aman Futures, is one of the complainants against the firm but authorities are mulling suing him for his alleged involvement in the scam.
Five members of the trading firm's board of directors surrendered earlier this week and promised to cooperate with authorities to track down Aman Futures owner Manuel Amalilo, believed to have already fled the country.