Belle subsidiary is new battleground for warring Ongpin, Ociergroups

The group of businessman Roberto Ongpin, unceremoniously ousted in the stockholders' meeting last year of property and gaming firm Belle Corp., is fighting to prevent his rivals from forcing the transfer of a block of Philcom Corp. shares to APC Group Inc., a Belle subsidiary.

At the same time, Ongpin and his ally, Jaime Gonzalez, ousted Belle chairman in the June 24, 1999 Belle stockholders' meeting, are suing the Willy Ocier and Gilbert Yu faction for a total of P8.5 million in moral and exemplary damages and litigation expenses.

In answer to a petition filed by Philcom and Belle stockholder, businesswoman Vivian Yuchengco of MVY Holdings and Resources Corp. (MVY), (asking the SEC to resolve the issue of the directorship of Belle which is being claimed by the warring camps of Ongpin and Willy Ocier/Benito Tan Guat), Ongpin said the regulatory body should declare as null and void all actions taken by the board of directors led by Yu in the irregular stockholders meeting of the APC last June 25, 1999.

The actions taken include asking Yuchengco to transfer her Philcom shares to APC.

Yuchengco sought the intervention after she was requested by Ocier to transfer to Philcom the shares held by her company, MVY. Yuchengco acquired 93,786,953 Philcom shares in 1996 through a non-interest bearing loan granted by Philcom which she has yet to settle. Later APC and MVY signed a buy-back option agreement that would allow the former to purchase Yuchengco's Philcom shares.

Ocier who acts as chairman of APC notified Yunchengco of the company's intent to have the shares transferred back to APC which was then in the process of acquiring and registering the ownership of its more than 40-percent shareholdings in Philcom.

Ongpin and his deputy, Jaime Gonzales, however, are questioning the authority of Ocier to act for and in behalf of APC.

Ongpin and Gonzales insist the APC stockholders' meeting last June 25 in which Ocier and other directors were elected, was illegal and invalid.

The two warned Yuchengco not to transfer her Philcom shares to APC pending the resolution of their case against their mutineers.

"We earnestly urge you not to transfer the Philcom shares registered in the name of MVY to APC until... the case has been finally resolved and the issue of who are the valid members of the board of directors of Belle has been absolutely ascertained."