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 yr.
To recall, the Supreme Court docket dominated with finality in December 2024 to reinstate an arbitration ruling that voided the John Hay growth 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 speculated to reimburse the developer’s investments over the previous 16 years, amounting to P1.45 billion.
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CJHDevco had pressed the Fee on Audit for the cost in December 2024, as the cash may very well be utilized by the group for its different initiatives that embody property growth, renewable power growth and infrastructure.
However thus far, the group remains to be ready with bated breath for the verify.
Sobrepeña laments that they turned over the Camp John Hay property after they had been informed with finality to take action—sans any drama, he says —however then the federal government is but to meet its a part of the settlement.
However because it has been confirmed again and again that it isn’t sensible to battle metropolis corridor, Sobrepeña has no alternative however to take a seat and patiently watch for what they really feel is due them.
And for them, what they’re speculated to obtain is much larger 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
When you’ve got 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 Companies 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 totally unfaithful,” ICTSI stated.
“The rip-off content material is designed to seem convincing and should embody presents that appear respectable. ICTSI emphasizes that these are usually not licensed and are meant to mislead viewers,” it burdened.
The Razon Group informed the general public to confirm claims by means of official channels and report suspicious content material.
The corporate additionally reminded everybody to by no means share private data with unfamiliar sources. —Tyrone Jasper C. Piad
Bother brewing at Premiere Horizon
Annual stockholders’ conferences are often predictable affairs, with the board, administration and shareholders rapidly going by means of the objects on the agenda till the conferences are adjourned.
However they may also be fairly contentious, akin 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 stated in a March 26 letter to the Securities and Alternate Fee (SEC) that “the sudden removing of an unbiased auditor—particularly beneath obscure pretenses—raises severe governance considerations and may very well 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 appropriate method, particularly since some proxies are held by brokers.
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Serafica has different considerations which may be raised on the assembly, so let’s see how that may end up. —Tina Arceo-Dumlao
