"With the three proponents now having submitted their detailed business and financial plans, we look forward to the NSC liquidator, the creditor-banks’ steering committee, the NSC management, and Hottick Investment Ltd. now taking the front-running and active roles in finding the best option to return the Iligan plant to viable operations," Trade and Industry Secretary Manuel Roxas II said yesterday.
The DTI’s decision to take the back seat comes on the heel of Allengoal’s insinuation that the evaluation process may be tainted following the DTI’s request for the three proponents to submit additional business and financial plans to the evaluation committee.
Allengoal had also cast doubt on Roxas’ impartiality as the DTI head had earlier "disregarded" Allengoal’s previous offer for the NSC.
Sources said the DTI’s move appears to be in preparation for any further criticism and controversy that may arise from the final outcome of today’s evaluation of proposals.
The NSC evaluation committee will hold separate closed-door sessions today with each of the three companies – Voest Alpine of Austria, Cathay Pacific Corp. and Allengoal.
Each had been given one and a half-hours to formally present their business and financial plans and answer clarificatory questions from the members of the evaluation committee.