Protracted legal battle seen over minority claim in UOBP

A protracted legal battle is seen over a claim by a minority shareholder in the United Overseas Bank Philippines (UOBP) buy-out settlement.

"If they (Farmix owners) insist on their claim, we will fight it out in court and it will take years before they get their money," said corporate lawyer Francis Lim of the ACCRA law office.

Farmix owners Manuel Tank Kian See and his wife Julita Uy Tan maintained that they held 10.36 percent in UOBP, not 7.66 percent as alleged by the majority shareholders called the Espiritu Group led by John Espiritu, son of former Finance Secretary Edgardo Espiritu.

Lim said that the Tan Kian See couple are "Johnny-come-lately" people, "who should not be driven by greed" in trying to get more than their fair share in the Espiritu group’s successful settlement with the United Overseas Bank Limited (UOBL) of Singapore.

Lim added that the Tan Kian See couple earlier refused to pay their "portion of the filing fee" when the Espiritu Group went to court to ask UOBL to pay for the latter’s acquisition of UOBP, formerly the Westmont Bank.

"Then, they finally drove the proverbial last nail in the coffin when they revoked the authority they had previously granted John Espiritu, when we were on our way in negotiating an amicable settlement with the UOBL Group," Lim explained.

"They dug their own grave," added ACCRA senior associate lawyer Arnold Corporal, who assisted Atty. Lim in the UOBL litigation.

Citing court records, Lim stressed that the buyout of Espiritu and Tan Caktiong equity in UOBP "is above board and in accordance with law." He added that it did not prejudice anyone, including the Tan Kian See couple. No less than the corporate secretary of UOBP certified that their shareholdings in UOBP is only 7.66 percent, Corporal added.

The owners of Farmix re-surfaced when the Espiritu-led group successfully hammered out a settlement with UOBL. "Is this not a classic case of opportunism and greed?" the ACCRA lawyers quipped.