President Rodrigo Duterte on Thursday made an apology to the people wronged by Kapa Community Ministry International Inc. (Kapa) which is supposedly involved in a fraudulent investment scheme, but asserted the company will still have to be shut down.
Duterte said in a speech before land reform beneficiaries in General Santos City, “Those who have already invested a lot of money in Kapa, I’m sorry. The operation will be stopped or shall stop immediately,”
Duterte noted Kapa’s investment scheme was “too good to be true” since the amount of earnings being promised was too huge that even local or international banks cannot afford to give.
The President jested that he would punch land reform beneficiaries who pawn their new property to invest with Kapa.
Duterte admonished the public to heed his warning against investment scams.
“If it is too good to be true then it is really wrong,” he stated.
Duterte earlier ordered a crackdown on Kapa’s operations and the Court of Appeals issued a freeze order on several bank accounts and other assets of the religious group.
Securities and Exchange Commission (SEC) dispensed a cease and desist order against Kapa in February and made it permanent in March.
The SEC stated Kapa offered and sold securities in the form of investment contracts and in the guise of donations, even without license.
Some Kapa members denied that the investment scheme was a scam.