MANILA, Philippines - Cyber Bay Corp., a firm controlled by businessman Ramon S. Ang, is pursuing the collection of P11 billion in claims from the Philippine Reclamation Authority (PRA).
On the sidelines of the company’s annual stockholders meeting yesterday, Cyber Bay’s former president Peter C. Suchiangco said the amount represents all costs related to the reclamation of land along Manila Bay.
The project was put on hold after Cyber Bay got into a legal tussle with the government involving the ownership of the reclaimed land.
In 2002, the Supreme Court declared the contract illegal over restrictions on the sale of government land.
The High Court ruled that the deal violates the constitutional provision prohibiting private corporations from owning land of public domain without going through bidding.
Suchiangco said the recoverability of the claims was necessary to allow the company to fund other businesses it may undertake.
Cyber Bay was originally incorporated on July 6, 1989 as First Lepanto Corp. It changed its name to Cyber Bay Corp. in 2000 following its foray into real estate development (except real estate subdivision) and reclamation.
It had planned to develop the Manila Bay property into a world-class center of commerce, entertainment, shopping and education, integrated with a mix of residential districts.