PREMIERE Horizon Alliance Corp. disclosed on Tuesday that the Pasig City prosecutor’s office found two individuals with ties to the company indictable for estafa under Article 315 of the Revised Penal Code.
On Dec. 6, 2022, Premiere Horizon filed a criminal complaint for estafa against the two for “alleged misappropriation” of P32 million in corporate funds. The amount is part of the funding for Premiere Horizon’s Bonifacio Global City project.On Jan. 16, Premiere Horizon said that Mr. Serafica and Elizabeth C. Timbol, an independent director, tendered their resignation effective on the same date for personal reasons.
On Jan. 9, Premiere Horizon announced that Felipe A. Judan, its independent director, resigned from his position effective Dec. 31, 2022. Meanwhile, Mr. Serafica holds a total of 261.57 million shares representing 4.58% of the company’s total outstanding shares.