Financial scam, which was allegedly organized by the BVI-registered Performance Investment Products Corp. in Philippines, and started to be investigated by NBI, this month is still in the centre of public attention. The Senate Committee on Trade has conducted an inquiry on the reported $250-millions of investments in PIPC Corp., which is the local subsidiary of Performance Investments. These money now seem to have been stolen, after Michael H.K. Liew, the Singaporean owner of the BVI company, disappeared, and investors found their bank accounts emptied and closed. Also, Being registered in the time when Mr. Liew needed to incorporate in Philippines, PIPC Corp. was registered as a research company, which was not authorised to sell investment products.
In his press release concerning the inquiry of the Trade Committee, its chairman Senator Mar Roxas called for strict government action to punish scam perpetrators. The Committee will be tackling two Senate resolutions on the matter; the Senate Committee on Banks will also be included in the inquiry.