Limketkai family feud: Alfonso Lim slams P285 million embezzlement allegation by brother, nephew as baseless

The head of the Cagayan de Oro-based Limketkai business empire has dismissed as false allegations that he misappropriated P285 million in corporate funds.

A Babbler said Limketkai Sons chairman and president Alfonso U. Lim had full authority to disburse the P285 million funds contrary to claims made by his brother, former director Benito U. Lim, and his nephew, Benhan Limketkai.

Heirs vs heir: Alfonso Lim accused of alleged embezzlement of P285 million in Limketkai funds

Babbler said Alfonso used the P285 million to buy out the 23 percent stake of Transnational Investment Assets in the firm’s subsidiary, Limketkai Manufacturing, in June 2015 and June 2016.

The money was disbursed to a foreign exchange dealer which transferred the proceeds to TIA’s bank account and not to the personal account of Alfonso.

Bilyonaryo.com earlier reported that Limketkai Sons had filed charges of qualified theft against Alfonso for the withdrawal of the firm’s funds from Philippine National Bank without board approval.

Babbler pointed out that Benito himself signed a board resolution granting full authority to Alfonso to negotiate the buy-out when he was still a director in 2014.

According to Babbler, Alfonso claimed Benito and Benhan initiated the case on their own without the authority from the Limketkai Sons board. Alfonso clarified that his company has no ties to Limketkai Finance which is a personal firm of Benhan.

In his defense to the Pasig/San Juan Regional Trial Court, Alfonso, who has been head of the family business since 1980, got the backing of his vice chairman Lysander B. Limketkai, EVP Marvin S. Lim, COO Osbert Ong, and director Cindy G. Limketkai.

Alfonso and Benito are the sons of Don Lim Ket Kai who founded one of the country’s biggest farm companies (they own the Marca Leon cooking oil brand0. His sons deployed the family fortune to build a massive shopping mall and a luxury hotel in Cagayan De Oro City.

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