Regulators freeze P100-M in Kapa Ministry assets

Pastor Joel Apolinario prays over some 50,000 members of Kapa Community International Ministry in a rally in General Santos City on June 13. RAPPLER

MANILA – The Securities and Exchange Commission (SEC) said it has secured more than P100 million worth of assets linked to Kapa Community Ministry International under a freeze order issued by the Court of Appeals.

Besides bank deposits, the freeze order also covers insurance policies, cryptocurrency holdings and other assets, the SEC said.

The SEC said it secured the freeze order on June 4 through the Anti-Money Laundering Council, and added that it is also working to secure other Kapa assets.

“Public records show at least nine luxury cars and sports utility vehicles, along with a helicopter, are registered under the name of KAPA and its officers,” the regulator said.

The SEC said Kapa also claimed to have acquired a hospital, a school and other properties.

“KAPA amassed wealth through an investment scam, in the guise of religion and at the expense of the investing public,” SEC Chairperson Emilio Aquino said.

Kapa, short for Kabus Padatuon or Enrich the Poor in a local language, was registered as an independent religious group in 2017, with headquarters in the southern city of Bislig in Surigao del Sur.

President Rodrigo Duterte ordered authorities to run after the group, accusing it of operating an investment scam.

The SEC has said Kapa may have amassed as much as P50 billion by enticing members to give “donations” of P10,000 and up on promises of getting a 30 percent per month interest.

The group has denied the allegations. (ABS-CBN News)

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