Some 30 investors file estafa complaint vs FlexFuel

Around 30 investors filed a large-scale estafa complaint against FlexFuel Petroleum Corporation, according to Emil Sumangil’s Monday “24 Oras” report.

Among those who were named in the complaint were actor and TV host Luis Manzano, alleged chairperson of FlexFuel, company president Ildefonso Medel, and their consultant, Roy Randa.

Manzano previously denied involvement in the firm's management, saying he likewise lost millions in company investments.

GMA Integrated News reached out to the involved personalities, but they have yet to respond.

For its part, Flex Fuel rejected the accusations as “malicious and baseless” and said they are not involved in any form of scam.

“There is absolutely no truth to the claim that FlexFuel is involved in any form of scam or fraud against our stakeholders,” it said in a statement.

“In fact, all of our transactions, especially with our stakeholders, are transparent, fair, and legal…FlexFuel has never guaranteed any profit to its partners and has always made it clear to them that, like any other legitimate business venture, these profits depend on business performance,” it added.

The company further said they “suffered and continued to suffer from extraordinary financial setbacks” due to external factors “beyond their control” such as the coronavirus pandemic, the geopolitical conflict between Russia and Ukraine, fluctuating fuel prices, and high inflation rate.

“To be sure, our company has already started reaching out to all our stakeholders to address their concerns and to clarify any confusion or doubt that they may have surfaced due to the disinformation assault made against our company,” said FlexFuel.

“This disgruntled shareholder continues to circulate her false claims in different news outlets without presenting an ounce of proof to support her lies. We are taking all steps necessary to bring this issue to a close,” it said. — Sundy Mae Locus/DVM, GMA Integrated News