MANILA, Philippines – The Camp John Hay group led by businessman Robert John Sobrepeña posed the query because it has but to obtain the P1.45 billion that it’s entitled to after they vacated the previous American relaxation and recreation base upon takeover by the Bases Conversion and Growth Authority (BCDA) in January this 12 months.
To recall, the Supreme Courtroom dominated with finality in December 2024 to reinstate an arbitration ruling that voided the John Hay improvement lease that the federal government had struck in 1996 with Sobrepeña-led Camp John Hay Growth Corp. (CJHDevco).
Primarily based on that ruling, BCDA recovered the prime Camp John Hay property together with enhancements, however then it was additionally purported to reimburse the developer’s investments over the previous 16 years, amounting to P1.45 billion.
READ: BIZ BUZZ: Youthful Pedro takes over Lamoiyan
CJHDevco had pressed the Fee on Audit for the cost in December 2024, as the cash could possibly be utilized by the group for its different tasks that embrace property improvement, renewable vitality improvement and infrastructure.
However thus far, the group continues to be ready with bated breath for the test.
Sobrepeña laments that they turned over the Camp John Hay property after they have been instructed with finality to take action—sans any drama, he says —however then the federal government is but to satisfy its a part of the settlement.
However because it has been confirmed repeatedly that it isn’t clever to struggle metropolis corridor, Sobrepeña has no selection however to take a seat and patiently watch for what they really feel is due them.
And for them, what they’re purported to obtain is way increased than P1.45 billion, given the additional curiosity funds, penalties and authorized charges.
Will they get their due quickly? Abangan! —Tina Arceo-Dumlao
No, Razon just isn’t peddling investments
You probably have watched a video of port tycoon Enrique Razon Jr. promoting some type of funding, don’t fall sufferer. It’s a deepfake—or a manipulated video—that goals to trick an unsuspecting viewers.
Razon’s Worldwide Container Terminal Providers Inc. (ICTSI) issued this warning to the general public on Thursday.
“The fraudulent supplies, which have appeared on social media, falsely painting Mr. Razon selling funding alternatives. These claims are completely unfaithful,” ICTSI mentioned.
“The rip-off content material is designed to look convincing and will embrace gives that appear authentic. ICTSI emphasizes that these aren’t licensed and are supposed to mislead viewers,” it confused.
The Razon Group instructed the general public to confirm claims via official channels and report suspicious content material.
The corporate additionally reminded everybody to by no means share private info with unfamiliar sources. —Tyrone Jasper C. Piad
Hassle brewing at Premiere Horizon
Annual stockholders’ conferences are normally predictable affairs, with the board, administration and shareholders shortly going via the gadgets on the agenda till the conferences are adjourned.
However they will also be fairly contentious, comparable to when combatants are current to sway nearly all of stockholders to approve—or disapprove—proposed administration acts.
The stockholders’ assembly of Premiere Horizon Alliance Corp. scheduled for Friday guarantees to return with some drama, as former president and shareholder Augusto Antonio Serafica Jr. has expressed concern over administration’s plan to, amongst others, set up a brand new exterior auditor.
Serafica mentioned in a March 26 letter to the Securities and Trade Fee (SEC) that “the sudden elimination of an impartial auditor—particularly below obscure pretenses—raises critical governance considerations and could possibly be a part of a broader effort to decrease oversight.”
He thus requested the SEC to have a consultant throughout the particular stockholders’ assembly to make it possible for the votes are counted the fitting means, particularly since some proxies are held by brokers.
Your subscription couldn’t be saved. Please strive once more.
Your subscription has been profitable.
Serafica has different considerations which may be raised on the assembly, so let’s see how that may prove. —Tina Arceo-Dumlao