A financial scandal has sent shockwaves through the Limketkai business empire as allegations of misappropriation of a substantial amount of corporate funds have been leveled against its longstanding leader, Alfonso Uy Lim.
Limketkai Sons has filed charges of qualified theft against their chairman and president, Alfonso, accusing him of illegally taking a total of P285 million. The alleged misappropriation includes P95 million in June 2015 and P190 million in January 2016, both withdrawn from the firm’s checking account with the Philippine National Bank.
Based on court records, Alfonso allegedly withdrew the amount without authority from the board and without the consent of the company.
Benhan Limketkai, managing director of Limketkai Finance, and Benito U. Lim were listed as witnesses against Alfonso. On May 30, Pasig City RTC Senior Assistant City Prosecutor John Carlo Gil signed the information, which was subsequently approved by City Prosecutor Blas Antonio M. Tuliao.
Following a preliminary investigation into the case initiated by other
Limketkai heirs in the company, Sadian said “there exists reasonable grounds to believe that a crime has been committed, and it is likely that the accused (Alfonso) is guilty.” Sadian said Alfonso was
informed about the complaint lodged against him and was provided an opportunity to present contradicting evidence.
Limketkai Sons serves as the holding company for the Limketkai family, one of the wealthiest clans outside of Metro Manila.
While the family’s patriarch, Don Lim Ket Kai, amassed his fortune through the production of corn grits, flour, animal feeds, copra, coron, and coconut oil in Cagayan de Oro, it was under his children led by Alfonso that the company truly flourished.
Alfonso, who took over in 1980, successfully transformed the company into a agri-manufacturing powerhouse, establishing it as one of the largest producers of edible fats and oils in the country, under renowned brands such as Marca Leon, Frito Plus, and Mazola.
Furthermore, he expanded the company’s reach into real estate, spearheading the development of the impressive 40-hectare Limketkai Center.
This iconic establishment not only boasts the region’s largest shopping mall but also features the luxurious 18-story Limketkai Luxe hotel, renowned for its five-star amenities.