More than 130 investors are suing the petroleum company Flex Fuel Corporation due to an alleged investment scam. The alleged investment scam was revealed after some investors complained to the National Bureau of Investigation that their money had not been returned, including the profit promised by the company.
In a report by ABS-CBN News reporter Nico Bawa, one of the investors in the company spoke up. According to businessman Jinky Sta. Isabel, she invested nearly P4-M to become a co-owner of two Flex Fuel gas stations in 2020. The company allegedly promised her an income of P140,000 every three months. But, she only received P90,000 in 2021.
When Jinkee complained about the company failing to follow up on the promised money, she disclosed that the company attributed the loss in income to the C0VID-19 epidemic and the Ukrainian economic cr1sis.
Aside from the company, one of the persons that Jinkee and other investors are complaining about is Kapamilya actor-host Luis Manzano, the former chairman, and co-owner of Flex Fuel. Jinkee revealed that she was persuaded to invest in Flex Fuel because she had faith in Luis, who is a well-known celebrity.
She said,
“Kung hindi naman po dahil sa kaniya, hindi naman po ako nagpakawala ng pera ko. Kaya po ako nagpakawala ng pera dahil may trust po ako sa kaniya. Kaya po ako agad agad nag-invest because don sa pangalan na siya po ang chairman.”
But unfortunately, Jinkee only found out that Luis had resigned from the company just last year when she complained to the NBI. She also discovered that there are more than 130 investors like her who are facing the same problem due to their unreturned investment in the company.
Meanwhile, after the news surfaced, it appears that Luis first filed an appeal with the NBI to investigate Flex Fuel owned by his friend and CEO of the corporation, Ildefonso Medel Jr. In his affidavit, Luis insisted that he sought help from the NBI in November 2022 after the company allegedly owed P66-M money from him.
In the same affidavit, he also narrated that after resigning from Flex Fuel and other ICF companies in February 2022, various investors approached him for help. He said he forwarded it to his friend Medel but he said no action was taken regarding the investors’ complaint.
Luis’ camp said,
“Actor Luis Philippe “Lucky” Manzano has requested the National Bureau of Investigation (NBI) to investigate Flex Fuel Petroleum Corporation after its investors approached him to seek his aid in recovering their investments in the fuel company, which is one of several companies that currently owe Manzano just over P66 million.
“In the same affidavit, Manzano narrates that after resigning from Flex Fuel and other ICM companies in February 2022, various investors reached out to him for assistance, but after relaying these to Medel, no action was taken by the latter.”
Meanwhile, in another statement, Luis insisted that he never interfered in the management of the business. According to him, his friend is in charge of the management and operation of the company.
He said,
“I never took part in the management of the business.
“Bong conducted the business in such a way that operational matters were kept away from me.”
Meanwhile, Flex Fuel and its CEO have yet to issue a statement. The NBI is also scheduled to hold a meeting where Luis and the investors who complained against him and Flex Fuel will face each other.
