Alliance Select issues clarification

MANILA, Philippines - The camp of Mr. George Sycip, chairman of Alliance Select Foods yesterday sought to clarify some inaccuracies contained in the Money-Go-Round column of Vic Agustin that was published on  March 31,  2014.

The  Sycip camp cited one inaccuracy in the article, it states: “The complaint for the violation of the Corporation Code represents a proxy war that could threaten the continued chairmanship of SyCip, since four of the seven Alliance Select board are Singaporeans and a Malaysian who had voted to allow the inspection of the company finances.”

According to the Sycip camp, “This statement is very inaccurate for several reasons: (A) It is untrue that four of the seven members of the Board are Singaporean and Malaysian, the truth of the matter being that persons of such nationality are only three, or a minority in the Board. (B) It is untrue that there was a vote of the members of the Board to allow or disallow an inspection since this matter has not yet been decided by the Board as a collegial body. (C) It is untrue that the Singaporean investors only asked for an inspection of the company’s finances since in their request, they made reference to “all” different documents, even pertaining to documents executed during times when they were not yet stockholders in the company.”

The Sycip camp also highlighted a portion in the article that  states “The SyCip camp had already been caught being parsimonious with the truth: The Alliance Select chairman could not attend a March 10 hearing before Assistant City Prosecutor Richie Macapagal since he was supposed to have left for an overseas trip.”

The Sycip camp stressed that “This is again inaccurate for the following reasons: (A) No hearing was ever conducted before Assistant City Prosecutor Richie Macapagal. (B) It was never represented that Mr. Sycip left for a business trip on March 10. Instead, it was only stated that he would be out of the country for the hearing on March 17 and onwards, which is not untrue.”

Based on some of  the inaccuracies of the article, the Sycip camp complained that “ What is apparent is that the source of the article appears to be weaving half- or un-truths.”