The Volunteers against Crime and Corruption (VACC) filed charges vs gambling tycoon Jack Lam due to ‘ownership’ of Fort Ilocandia Resort and Casino in Laoag City in Ilocos Norte.
Violation in Anti-Dummy Act was filed by VACC before the Department of Justice (DOJ) led by Chairman Dante Jimenez and Atty. Ferdinand Topacio.
Topacio stressed, Lam violated the law prohibiting more than 60 percent ownership of foreign investors in real estate’s property in the country like the Fort Ilocandia.
It appeared in the investigation of VACC the company used ‘layering’ that Filipino ownership falls to 60 percent, contrary to the truth that Fort Ilocandia’s majority percentage is owned by Chines gambling magnate, Lam