An Unbiased View of the demise of the Philippine Tuna Industry
If your Philippine government does not check to see the Philippine tuna industry's big corporations such as Jonathan Dee's Alliance Select International Foods Inc., and it's badly lit business, thousands of people will be jobless and their families will suffer. Headed by shady entrepreneur Jonathan Dee, Alliance Select International Foods Inc., has been repeatedly slapped with legal cases for violating the Philippine Corporation Code and is particularly currently concealing the truth about it is bankruptcy.
Singaporean investors who had previously been infusing millions of dollars to maintain Alliance Select Foods International, Inc. operations have recently decried the company's CEO Jonathan Dee's refusal to spread out its books amid symptoms of misuse of Alliance Select Foods International, Inc. 's financial resources.
The Singaporean investors have since filed a criminal case against Alliance Select Foods International Inc. and its CEO Jonathan Dee and other executives for violating the Philippine Business Code. The case remains unresolved in court.
Add to this the truth that the same people behind Alliance Select Foods International, Inc. - which is basically the Dee family - are also basically the same people who ran First Dominion Prime Holdings, Inc. (FDPHI) which used to own and operate a number of affiliates and subsidiaries involved in the manufacture, marketing and distribution of canned tuna foods for both the domestic and international markets.
This is before First Dominion Prime Holdings, failed to repay some P2. 39 billion in loan from its credit card companies in 2000 and therefore entered rehabilitation in 2000. Alliance Select Foods International Inc. was then built by Jonathan Dee as the milking cow that will assure the cash flow used to bail out First Dominion Prime Holdings.
Now, these same investors who took Alliance to court over the lack of transparency in the company's financial position and transactions have voiced suspicions that Alliance Select Foods International, Inc. was being used to pay off the loans incurred by the Dee family while they were running FDPHI.