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VACC claims: Lam violated Anti-Dummy Law

Jack Lam (photo credit: www.sbrchina.com)
Jack Lam (photo credit: www.sbrchina.com)

The Volunteers Against Crime and Corruption (VACC) claims that businessman Jack Lam violated the anti-dummy law of the Commonwealth Act of 108.

According to the VACC, Lam went overboard with the 40 percent set by law for ownership for foreigners in a local corporation.

Prior to this, the complaint against Lam stemmed from his interest in Fort Ilocandia Resort in Laoag City, prompting the VACC to reply on the submitted counter-affidavit of Lam.

Boy Evangelista, spokesman of the VACC, said that the documents of ownership in some shares of Fort Ilocandia are suspicious.

Aside from this, the Fort Ilocandia allegedly implemented a corporate layering to hide the dummy companies who have shares in For Ilocandia.

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