TV host-actor Luis Manzano says he has resigned from Flex Fuel Petroleum Corporation and recently asked for NBI’s help to investigate the company.
LUIS MANZANO – Former Flex Fuel chairman Luis Manzano seeks the help of authorities to investigate the company.
Last February 2022, famous host Luis Manzano resigned as chairman of the Flex Fuel Petroleum Corporation and since then, he’s not been involved in any activities or businesses made of the company.
However, he’s been receiving complaints from other investors of the company. These investors are demanding to get their money back after the company failed to meet its expected results.
Accordingly, 100 investors invested almost Php 1 million each and it seems like the company is no longer thriving.
A complainant named Jinky Sta. Isabel said, “We invested because of Luis Manzano. His message during a Zoom conference in 2020 resonated with us. We trusted in Flex Fuel because his name was attached to it.”
They were told that Manzano is no longer connected with the company but he, being the representative of the company, was among the reasons why these investors invested.
Last November 2022, through his legal counsel Atty. Regidor Caringal, a statement was sent to NBI Director Atty. Medardo de Lemos. He stated that his friend and business partner Ildefonso “Bong” Medel is the chief executive officer and was the one who was hands-on in the whole business.
But despite being assigned as the chairman of the board, he insisted on never taking part in managing the corporation.
“Bong conducted the business in such a way that operational matters were kept away from me,” he stated in his affidavit. Moreover, Medel owes him Php 66 million.
There were individuals reaching out to him and he made sure their concerns reached the CEO but the CEO did nothing.
“Up to now, there are still individuals reaching out to me for help and assistance regarding their investments in Flex Fuel,” he said based on a post from Bilyonaryo.
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