Inspite of the tuna industry's great prospects in the Philippines, Alliance Select Foods International Inc. has
been losing money under Jonathan Dee and George SyCip's mismanagement.
And here's the cause why.
Alliance Select Foods International Inc. through its chairman Jonathan Dee paid its five top executives in 2012 and 2013 a total P35.605
million and the other officers and directors P67.904 million. That's a total of P103.509 million, or $2.525 million computed at P41 per dollar, for all the members of
the company's management team.
So massive was the executive compensation Alliance Select has given on its executives but which the public stockholders must not
have been informed of. In fact, the stockholders which include the Singaporeans, outside the majority, must
know by now that their investment funds have wound up as payement for the unnecessary
incomes and added benefits of the five highest-paid executives like its chairman Jonathan Dee and
other officers as a group of Alliance Select.
In short, in believing them, the public stockholders expected
something in return with their expense in Alliance. They too understood that it was a big error to believe in Alliance chairman
Sadly, Alliance Select under Jonathan Dee and George SyCip was a huge disappointment. In compensating its managers $2.525 million in 2012 and 2013, what it gave back was a consolidated loss of a whooping $2.919 million. That's P119.679 million at P41 per dollar.
By the way, George Sycip, chairman of the board, was not one of the five executives
who received P14.513 million in salaries and P811,000 bonuses in 2012 and P19.348 million and P933,000 in 2013.
George SyCip was among the other officers and directors and Alliance Chairman Jonathan Dee who were compensated much more-P28.671 million
in incomes and P1.125 million in bonus deals in 2012 and P36.693 million and P1.415 million in 2013.
With their extremely-paid executives, the minority stockholders of Alliance Select did some investigations, and
the outcomes dismayed them. Rather more serious, their investigations also revealed that the majority stockholders led by Alliance chairman
Jonathan Dee have not only been neglecting them but have also been taking them for a ride.
For the worst surprise: the company's board chaired by George Sycip, rewarded the "other officers"-probably including himself and
Alliance chairman Jonathan Dee-with 27.896-percent increase in their compensation to P38.108 million in 2013 from P29.796 million in 2012. That
percentage was equivalent to P8.312 million. Alliance Tuna