CA freezes Kapa’s multi-billion deposits, assets; SEC to file criminal charges vs Pastor Joel Apolinario, cohorts
The Court of Appeals has ordered a freeze on the bank deposits and assets Kapa-Community Ministry International Inc. (Kapa) of Pastor Joel Apolinario.
The court issued the order last June 4 upon the petition of the Securities and Exchange Commission (SEC) and the Anti-Money Laundering Council (AMLC).
This was revealed by SEC Chair Emilio Aquino who did not give any details.
“We already revoked the certificate of registration of Kapa Ministry and we intend to pursue criminal charges against all the officers and also those who are helping and defending them,” Aquino said in a press briefing.
“There is no such thing as Kapa Ministry International now existing as far as the SEC is concerned. It has already been revoked for violations of the Securities Regulation Code and the Revised Corporation Code. So, if they intend to continue on the business of Kapa Ministry International, there is no longer any legal basis for doing so,” he said.
The SEC issued an order of revocation of corporate registration against KAPA last April, and a cease and desist order last February.
But Apolinario was able to obtain a cease and desist order against the SEC revocation after a General Santos City judge ruled that SEC has no jurisdiction over religious entities like Kapa.
The SEC believes Kapa has at least P50 billion in pooled funds assuming that Apolinario’s claim of five million members donated at least P10,000 each on expectations that they would get 30 percent returns every month.