SEC denies Quiboloy influenced Kapa shutdown

ABS-CBN News

Posted at Jun 11 2019 11:21 PM

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MANILA - The Securities and Exchange Commission (SEC) on Tuesday denied it was influenced by Pastor Apollo Quiboloy to shut down Kapa Ministry International.

SEC chairman Emilio Aquino made the statement a few days after President Rodrigo Duterte appeared in a televised interview with Quiboloy, a long-time friend of his, and ordered the shutdown of Kapa.

"Hindi po totoo yun kasi considering yung mga proseso of getting the freeze order, arrest warrant, we were already securing that even before and then inexecute lang nagkataon nitong Monday," he told radio DZMM.

Aquino said they have asked the Court of Appeals to freeze the bank accounts and assets of Kapa.

He earlier said the SEC will "pursue criminal charges against the officials and defenders of Kapa."

The SEC said Kapa promised billions of pesos to its members, but the group's assets cannot back up such claims. 

The group accepted investments, which it dubbed as "donations" of no less than P10,000 from each of its members and in return promised a monthly interest rate of 30 percent, dubbed as "blessings" by the group.

In comparison, the top performing mutual fund in the country only yielded returns of 9 percent for a whole year.

The SEC said this could be considered to be among the biggest investment scams in the Philippines since it has already gotten no less than P50 billion from its members.