The real deal (Last of Three Parts)

According to (Delfin) Lee and his lawyers, contrary to what Pag-IBIG has been saying, GA nor Lee never absconded with P6.5 billion in HDMF money. It was money paid indirectly by HDMF to GA by way of housing loans to homebuyers in Xevera 2. They added that there is not a single demand letter from HDMF to GA for that amount, nor a civil case for collection. It is the property buyers, not GA, who are indebted to HDMF.

They also claim that there was no special treatment given to GA. In fact, under their agreement, compared to the usual two years required from other developers, GA was required to buy back from HDMF the buyer’s contract to sell on a much longer period of coverage of five years. This means that in case of the buyer’s failure to pay their amortization, Globe Asiatique is obligated to either pay or update the account of the delinquent borrower or replace the latter with another buyer.

As to claims that there was double sale, GA clarified that under the GA-HDMF agreement, the contracts to sell of buyers who defaulted for three months would be cancelled, and their units offered to replacement buyers. Given some defaults, GA opted to look for new buyers for these units. These units include those held by the 28 buyers who complained that they were duped into buying units that were already sold to others. Titles to these units could not be released to the new buyers since HDMF refused to release the titles to GA.

GA likewise responded to allegations as to fake borrowers by saying that GA does not approve housing loans. The processing of borrowers and loan applications belongs to HDMF. Now, if HDMF approved these ghost buyers, shouldn’t the agency be asked to explain why?

GA sued HDMF before the Makati RTC for the latter’s unilateral and arbitrary breach of its agreements with the company. The court found HDMF guilty of breach of the provisions of the MOA and FCA with GA and Delfin Lee, saying “defendants should not be allowed to escape liability with impunity by simply alleging that the defaulting buyers-borrowers are fictitious and spurious.”

The CA sustained the lower court’s decision and the ruling has become final and executory because of HDMF’s failure to file a timely appeal. There is a pending motion for execution of the judgment against HDMF. Unfortunately, this was stymied by the SC’s TRO.

Lee and his lawyers have filed a motion with the SC asking that all the petitions for review filed against GA be set for oral argument so that they can show that indeed, there was no such damage amounting to P6.6 billion sustained by HDMF. And they claim in the said motion that since HDMF has been losing its cases against GA due to one blunder after another, all these blunders have now been brought before the High Tribunal in the guise of issues allegedly imbued with public interest.

Lee also wants to appear before the Senate so that he can explain what is really going on.

Latest developments are turning out to be more unfavorable for the embattled real estate developer Lee.

Reason: The Supreme Court has recently rejected in a resolution his ‘urgent motion for oral argument in all the “consolidated appeals” filed before it by the HDMF which consists of at least five petitions for review.

On the other hand, based on newspaper accounts, the Senate Committee on Housing led by Sen. JV Ejercito and co-chaired by Sen. Nancy Binay, will hold its second hearing this week on the alleged housing scam. But as of this writing they have yet to issue a summon or subpoena to Lee, the principal subject of the Senate probe.

Reacting to our latest piece on the beleaguered developer’s plight, Lee expressed that “he’s ready and willing to refute his detractors and to present his case before the Supreme Court – and before the Senate”.

Recent newspaper accounts quoted Lee as saying “If given the chance, we will fully explain the real story behind the accusations against us and our company by the current Pag-IBIG management.

“Oral arguments before the Court en banc and hearings at the Senate or the House will allow us to rectify the misconceptions created by misleading media statements of HDMF on the real issues. We are more than ready and prepared to elaborate on all this,” he added.

“We will welcome any opportunity to face the issue head on and to face our detractors, and to reply point by point to the allegations of HDMF against us and our company. Our more immediate concern is to present an honest, fair, truthful, and factual narration or account of the events that eventual led to our persecution, illegal arrest and unlawful detention,” Lee said in a statement.

Lee and his lawyer’s efforts (in the Senate and SC) are aimed at allowing the SC and the Senate to better appreciate the case as he clarifies all misleading statements and allegations that formed the basis for suits against him.

As I mentioned before, I do not know Lee. All the allegations mentioned in this piece were culled from various court filings. But I believe that Lee has been the victim of trial by publicity. He has been portrayed as one who has stolen billions of pesos from the government, but reading all these documents, isn’t it just possible that he is actually the victim?

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