ADB Warns of Continuing Property Scams Misusing ADB's name
23 June 2009
The Asian Development Bank (ADB) has received allegations that there are person/persons representing him/themselves as broker(s) for ADB for a land acquisition program in the Philippines.
It has also received new allegations of land transactions using ADB's name conducted on behalf of Mr. Norberto J. Labsan and/or the North East Luzon Foundation (NELFI), who were the subjects of a previous ADB advisory. Some of the allegations involve agents offering to buy land for jatropha plantations, with the purchases to be financed by ADB.
ADB does not conduct real estate transactions, and is not financing any jatropha plantation program in the Philippines. Any powers of attorney, offers, contracts or representations indicating ADB as a buyer of land are false.
Concerns regarding these or similar schemes may be sent to ADB's Integrity Division by mail at 6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, email integrity@adb.org , or confidential fax to +63 2 636 2152.
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