Businessman cries foul

Pasig-based businessman Ricardo Antonio has asked the Bureau of Internal Revenue (BIR) to immediately conduct an investigation into a cold storage establishment in the city for reportedly violating various tax laws and accumulating billings amounting millions of pesos.

Antonio claimed that the Pasig Cold Storage Plant located along Shaw Boulevard Ext.. in Pasig City, is also operating without business and other necessary permits from the city government and even failed to secure a barangay permit.

The AF Realty Development Corp. used to own and operate the storage plant. However, Chinabank foreclosed the mortgaged properties of the corporation when it was unable to repay its loan amounting millions of pesos.

The real property and the cold storage plant and machinery were sold at public auction to cover the corporation’s bank obligations. The bank won the bidding for the real estate property.

Antonio won the machinery and the cold storage plant. However, he says the bank did not turn over the machinery and equipment to Antonio, a prominent businessmen clan from Mandaluyong and Pasig. Up to now, the bank is using and not paying any rental fees to the machinery that he had won, he adds.

This prompted Antonio to expose the illegal operation of storage plant under the new management. He claims Chinabank did not change its business name including receipts and permits from its original owner, the AF Realty.

Another controversy arose when the bank decided to operate the plant and collected rentals, including even previous rentals, from the tenants of the plant.

Because of these, China Bank may face multiple suits for violating laws in its efforts to recover loan exposures, Antonio said.

The businessman found out that the new management of the facility is not paying Social Security System (SSS) due to the employees for almost a year now. It is likewise not remitting Philippine Health (Philhealth) contribution since the Chinabank took over the management March this year, Antonio said.

In his letter-complaint, Antonio informed Roberto Baquiran, BIR’s chief  investigation division, that they should conduct inspection on the cold storage plant which was able to collect monthly rentals from about 20 tenants amounting to P4 million without BIR registered receipts.

Antonio informed Baquiran that since the new management took over the plant in March this year, “they failed to file and pay value-added tax and the billing paper is simply a bond paper”.

He has also asked the Presidential Anti-Smuggling Group (PASG) to look into the alleged illegal operation of the storage which sells non-accredited and uninspected imported meat goods which may endanger consumers.

Antonio said the storage is accepting frozen goods without paying government and customs taxes amounting million of pesos. He learned that the new management of the cold storage is operating the without the accreditation permits from the National Meat Inspection Service (NMIS) for several months now.

He added that the cold storage is operating with expired meat storage permits and violates the good operating procedure (GOP) accreditations making the plant’s continuous operation in violation of Republic Act. no.. 9296 and Executive Order no. 137, the existing law on meat inspection.  

Not so hidden agenda

Congratulations to Patricia Echauz-Chilip for being elected as the new president of Standard Insurance, the country’s leader in motor car and industrial fire insurance.

Chilip had extensive experience in accountancy and finance prior to joining Standard Insurance last year as vice chairman and treasurer. 

She was the chief finance officer of Centro Escolar University, a listed educational institution which specializes in allied medical courses, and prior to this was an investment banker with Buenaventura Echauz and Partners.

A certified public accountant, she completed her undergraduate and master’s in business administration degrees from De La Salle University and primary and secondary education from Immaculate Conception Academy.

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