Top Ad unit 728 × 90

Breaking News


Bren Esports CEO Faces Investigation in Elaborate P50 Billion Tax Scam

The National Bureau of Investigation (NBI) has filed a complaint against Bernard "Bren" Chong, the CEO of Bren Esports, for his alleged involvement in a massive tax fraud scheme that defrauded the government of a staggering P50 billion. The NBI's Anti-Organized and Transnational Crime Division has accused Chong's wholesale business, Brenterprise International Inc., of orchestrating a 15-year-long scam through the creation of "dummy corporations."

The NBI's investigation uncovered a sophisticated network of ghost suppliers, which were allegedly utilized by Brenterprise to fabricate receipts on behalf of client companies. By manipulating the receipts, Chong's company aimed to reduce the reported income, thereby lowering the income tax payable to the government. This elaborate scheme has been described as an "input value-added tax receipt for sale" by the NBI.

The investigation, which spanned from 2008 until last year, revealed that Chong's company operated as an organized crime group engaged in nationwide tax fraud and economic sabotage. The NBI's raid on Brenterprise's office in Eastwood, Quezon City, led to the seizure of crucial evidence, including computer records, which exposed the extent of the fraudulent activities.

During a press briefing, DOJ Secretary Jesus Crispin Remulla emphasized the magnitude of the scam, stating that it had defrauded the government of P50 billion in income taxes over the course of 15 years. The NBI's findings indicated that numerous food and real estate businesses had availed themselves of Brenterprise's services for the creation of falsified receipts.

The NBI revealed that Chong's company imposed a regular fee of 0.8 percent on the total amount of fictitious purchases made through the ghost suppliers. In cases where an "agent" facilitated the procurement of the receipts, Brenterprise could also charge a 1.5 percent fee, with 0.8 percent retained as their share. This intricate web of fraudulent transactions allowed Chong's company to amass substantial profits while evading the appropriate tax obligations.

It's important to note that Chong's P50-billion tax scam differs from the infamous P10-billion pork barrel scam orchestrated by Janet Lim-Napoles, despite the utilization of similar dummy corporations.

According to an NBI source, Brenterprise provided its services to over 1,000 businesses, both large and small. The fabricated receipts were used to inflate expenses and reduce taxable income, enabling these businesses to pay significantly lower taxes than owed.

Bernard Chong, whose family also owns World Balance, a renowned sports apparel brand, had previously been cleared of charges in a drug smuggling case by the Court of Appeals. However, he is currently considered a fugitive from the law as he has failed to return to the country, according to Secretary Remulla.

As the Department of Justice prepares for a preliminary investigation into this massive tax scam, the nation eagerly awaits justice to be served. The revelations surrounding the involvement of an esports CEO in such a vast financial fraud case have sent shockwaves through the gaming community and beyond. The repercussions of this investigation are likely to extend far beyond the esports industry, highlighting the urgent need for stricter measures to combat tax evasion and protect the nation's economy.

No comments:

Comments on GameOPS are moderated. Please keep your comments relevant to this blog entry.

If you don't have a Google, LiveJournal, Wordpress, AIM, Typepad or OpenID account, please choose NAME/URL when posting a commment. Anonymous comments will be rejected.

Proud member of 9rules

Contact Form


Email *

Message *

Powered by Blogger.