CJHDevCo questions P1.15-B estafa indictment

MANILA, Philippines - Camp John Hay Development Corp. chairman John Robert Sobrepeña is questioning his indictment by the Department of Justice (DOJ) for a P1.15-billion estafa case involving his firm’s alleged failure to remit rent to the state-owned Bases Conversion and Development Authority (BCDA). 

“This is plain and simple continued harassment coming from the BCDA, which has attempted to physically take over the camp at least twice,” Sobrepeña told DOJ reporters.

 Denying the charges, he said he never misrepresented the true state of CJHDevCo’s finances in a bid to avoid payment of the company’s financial obligations – contrary to the findings of the investigating prosecutors.

 Sobrepeña said their firm’s projected revenues and inflows were derived from completed projects and other developments in the leased premises.  

But due to the denial of building and other permits, CJHDevCo said that only about four hectares, or less than 25 percent of the 18-hectare developable footprint has been built, severely limiting generation of both inventory and revenue.

 According to CJHDevCo, the P1.4 billion it has remitted make up approximately 40 percent of all payments due. 

 â€œThus, a delay in the schedule of development would have a corresponding loss in projected revenue, although we continued to earn revenue from existing projects,” he explained.

 â€œBCDA certainly cannot dispute this because the BCDA was represented in the joint committee which determined that we had, indeed, failed to realize ‘projected sales and revenues’ and this was expressly confirmed in the ‘whereas’ clauses of the two agreements,” Sobrepeña added.