Delfin Lee and Globe Asiatique Alleged Scam

A repost from my flagship blog MoneyLifeBlood:

My cousin bought two condo units in one of the Globe Asiatique projects in Quezon City.
The last news I heard was RCBC would be taking over the property.
My cousin is an Overseas Filipino Worker working in Dubai as an engineer.
She bought two condo units, one for herself and one for her girlfriend (yeap, she's lesbian).
Today, no one knows if she will be able to live there ever.

article.wn.com

The issue broke out in the open when Delfin Lee allegedly swindled Pag-ibig Fund money. There were ghost borrowers reported, housing loans amounting to Php 7 billion for two property projects in Pampanga. He was charged by the Department of Justice (DOJ) with "syndicated estafa," where bailout is not possible if indicted by court.

Some quick figures:

Php 7.031 billion swindled funds

9,951 accounts

Xevera housing projects in Bacoor and Mabalacat, Pampanga

from March 2008 - August 2010

Last May 2012, warrant of arrest was handed down. Two days ago, Tribune.net.ph reported that Lee might have fled the country. Although the Department of Foreign Affairs (DFA) has cancelled Lee's passport.

In my mind, how could I blame OFWs who invested their money in GA?

First off, I recall Globe Asiatique being one of the big sponsors of the highly watched show in ABS-CBN Pinoy Big Brother in 2009. It supported other shows as well, like the iconic Wowowee, Pinoy Dream Academy and Little Big Star.

Second, everyday I pass by GA Tower along Boni and for the long time it's been standing there, with concessionaires at the ground and second floors. Seems like business as usual for select properties under Globe Asiatique.

Third, GA used to be an accredited housing developer of Pag-ibig. For what instance would investors or first time house buyers doubt that it will turn out to be a scam? (Though I heard other people believe that it's not truly a scam - some think it is politically initiated propaganda against Delfin Lee). As to the details, there are things we need to find out that can only be answered by Delfin Lee.

Fourth, even our checklist on how to detect and avoid an investment scam may not be applicable in this case.

As of this writing, about 3 hours ago there's a related Inquirer's post stating that Vice President Jejomar Binay has asked Pag-ibig to inform GA 2 Tower unit owners that the units are now owned by the government. This stemmed from receiving eviction orders saying that their names (unit owners') are not the same names listed in Pag-ibig hence the possible double selling.

So investors, I call for more vigilance. There are things we cannot predict, such as downfall of once a big name in the real estate industry.

I pray that the victims of the Globe Asiatique issue find better homes and better lives today and in the future.

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Will the buyers and investors still get there money back? Will there be a repurchasing to be done on the side of Pag-ibig? Where is Delfin Lee?

This is one of the Secrets and Scandals in 7107 Islands, Philippines.
Keep asking.