By Eileen Mencias
Maria Francesca ‘Mika’ Tan’s MFT Group of Companies faced financial challenges predating the global pandemic, with reports of bounced checks dating back to 2018, as disclosed by an unnamed investor to Bilyonaryo.com.
The investor, who initiated financial engagements with Tan in October 2017, claimed instances of check bouncing by 2018, involving accounts at East West Bank, Security Bank, and Metrobank. The investor alleges having 16 bounced checks, each attributed to distinct reasons.
These checks were purportedly issued in the names of Tan and co-founder Roxy Agbayani.
“The first ever reason was, may mix up lang daw sa accounting. They needed more time, etc. then the pandemic happened,” the investor recounted.
For this year, the investor claimed to have received 5 checks from MFT, all of which bounced.
Despite attributing recent setbacks to the pandemic, the investor revealed that in 2018, MFT presented a five-year program accompanied by a nondisclosure agreement, with maturity anticipated in 2023.
The nondisclosure agreement, perceived by some as a strategy to suppress investors with default interest, raises questions about transparency within the company.
“I think the NDA was put in place so investors with default interest will shut up so they can still continue to market or scam more people. We were also somehow given the impression na pagka maingay ka, lalo kang hindi babayaran. But what difference does it make? Tumahimik ka, maingay ka, wala naman binabayaran at all. So tama na. It’s about time. Justice needs to be served,” he said.
Interestingly, MFT’s 2021 audited financial statement, overseen by PWC-Isla Lipana & Co., claimed that the pandemic had minimal impact on the company’s financial position and asserted that the carrying amounts of assets are recoverable as of the reporting date.
MFT reported a net income of P68.09 million in 2021, down from P100.8 million in 2020, marking the onset of the pandemic. Its cash reserves at the end of 2021 stood at P45.17 million, and receivables from related parties totaled P628.57 million.
MFT’s subsidiaries, including Waterwoods Group Corp., Maria Francesca Tan (MFT) Ventures SG Pte Ltd, Mondial Medical Technologies Inc., Mr. Angel Credit Corp., Trade Pro Inc., and 32nd Street Prime Diner Inc., registered revenues of P325.3 million in 2021 but incurred a comprehensive loss of P1.5 million.
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