BASF Vietnam Managing Director Named in Syndicated Fraud Case Linked to The Foundry

Frederick Raymundo Contreras, managing director of BASF Vietnam, has been implicated in a syndicated estafa case connected to The Foundry, a company linked to the Maria Francesca Tan (MFT) Group of Companies.

The complaint, filed in Taguig last October, names Contreras and several other officers and directors of The Foundry as respondents. This legal action followed a similar case filed earlier this year in Lipa, Batangas. Both complaints surfaced shortly before Maria Francesca Tan, her siblings, and various company directors reportedly left the country.

Authorities allege that key figures involved in The Foundry’s purported investment scheme maintain close ties with the MFT group. Contreras appears in the Taguig complaint but is not included in the Batangas filing.

The Taguig case identifies respondents including Maria Francesca "Mica" D. Tan, Sito Cancio, Ronaldo G. Nery, Roxanne G. Agabayani, Christian Konstantin P. Agabayani, Christian Olan, Noel Olan, Joselito Hernandez Jr., Tito Cosejo Jr., in addition to Contreras.

An affidavit reveals that investment documents from 2021 and 2022 were disguised as loans yet marketed as investment opportunities, promising returns.

Contreras allegedly recruited the complainant in late 2020 with an initial investment of ₱1.035 million, guaranteeing a 1% monthly return paid quarterly over two years. Between January 2021 and May 2022, the complainant invested a total of ₱4.52 million under varying terms ranging from two to five years. The complainant received postdated checks from BDO and Asia United Bank as proof of investment.

In August 2022, Contreras reportedly informed the complainant that the bank accounts had been closed but promised replacement checks, which were subsequently delivered in January 2023. That same month, Ronaldo Nery, finance officer-in-charge of The Foundry, issued a notice advising investors not to deposit these checks, citing financial difficulties caused by the ongoing pandemic.

The complainant expressed grievances stating, "The Foundry and Mr. Contreras defrauded me to part with my money when they issued useless postdated checks, many of which I never consented to, and provided empty promises of return on my investments."

Requests for comment to Frederick Raymundo Contreras were made but no response was received at the time of publication.