Two Chinese owners of a medical supply company facing charges for estafa continue to elude arrest, a year after the complaint against them was filed.
Philippine Veterans Bank filed in 2019 estafa charges against Jimmy M. Hao and Jamie Sheila S. Hao, President and Vice President, respectively, of MEIHAO Corporation based in Biñan, Laguna, which supplies medical equipment to various hospitals and medical institutions.
They were charged in violation of Article 315 par. 1 (b) of the Revised Penal Code, in relation to Presidential Decree No. 115 or the Trust Receipts Law.
In the complaint filed with the Office of the City Prosecutor of Makati, the corporation applied for and was granted by the bank a total credit facility limit of P110 million. The complaint said that on various occasions, the accused utilized the facility and executed trust receipts in favor of the bank.
It stated that beginning March 22, 2019, Meihao started to default in its obligation to turn over the proceeds of the sale of the goods, subject of the trust receipts, to the bank.
Due to this, the bank was prompted to call on the obligations of Meihao and accused under the trust receipts by demanding that the company and the accused pay the outstanding obligation under the subject trust receipts amounting to P122.9 million inclusive of interests and penalties as of July 20, 2019, or to account for and turn over to the bank in full the goods covered by the trust receipts.
Despite the bank’s demands, the accused failed to pay the outstanding obligations under the subject trust receipts or turn over any of the goods.
Last year, a warrant of arrest was issued against the accused, but the two remain at large.