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Official: Ex-CEO of Rigen to face court on Monday

THE National Bureau of Investment is set to present before the Regional Trial Court in Tagum City, Davao del Norte on Monday the former official of an entity tagged in an investment scam.

NBI Agent Elias Leanio, NBI 11 newly-designated spokesperson, said Rico Garcia, former chief executive officer of Rigen Marketing, has been under the custody of the regional office after he was brought to the office from Metro Manila on Thursday.

In a phone interview, Leanio said Garcia, together with other officials of the entity are facing syndicated estafa cases, was arrested last March in Paranaque City and that the transfer of the latter was delayed because of the coronavirus pandemic.

He added that Garcia’s lawyer also requested that his client should remain under the national headquarters of the agency. “He was eventually turned over here,” he said, adding that the agency believes Garcia facing risks due to the involvement of his entity in an investment scam.

“For now he is under our custody but eventually we will present him to court in Tagum City by Monday,” Leanio said.

The Securities and Exchange Commission flagged Rigen after it was found out allegedly soliciting investments even if it did not have a secondary license, a legal instrument needed for any entity registered with government to go into this practices. Based on the report of the agency, the entity allegedly promised its investors about 400% in returns for their investments.

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