Former Trade Minister Roberto V. Ongpin and businessman Willy Ocier -- feuding parties of Belle Corp. -- have called for a truce and aborted a bloody proxy war for control of the property and gaming firm.
In an unexpected move, Ongpin who, along with his deputy Jaime Gonzales, was ousted as chief executive officer of Belle in last year's annual stockholders' meeting, decided to drop his plan to stage a proxy fight to reclaim his post at this year's annual stockholders' meeting on June 23.
Instead, Ongpin has apparently reconciled with Willy Ocier, widely believed to have orchestrated the mutiny against Ongpin's camp.
In a joint disclosure to the Philippine Stock Exchange, Belle Corp. and Ongpin's listed internet company, PhilWeb.Com Inc., announced that "the conflict between the companies and certain of their respective directors, has been amicably resolved."
"In a recent meeting between senior officials and major shareholders of the two companies, it was agreed that it was now time to put an end to the conflict, as manifested by the numerous legal cases still pending at the courts and the SEC," the statement read.
The two parties apparently heeded calls by concerned stockholder's to drop their dispute and concentrate on saving the firm from further losses. The year-old conflict has resulted in a net loss of about P3.29 billion for Belle Corp. with the Ocier camp putting the blame on Ongpin's poor business judgment.