Benitez family debunks allegation of mismanagement

MANILA, Philippines - The Benitez family has debunked allegations of mismanagement leveled against it by the group of STI owner Eusebio Tanco, saying these were all part of a ploy to wrest control of the Philippine Women’s University (PWU).

In the latest word war between the two warring camps, the Benitezes assailed the Tanco group for twisting facts in an all out campaign to take over their other assets which include the two Jose Abad Santos Memorial School (JASMS) campuses in Quezon City and Manila.

The Benitezes also dismissed the claim of STI president Monico Jacob that it was them who approved the commercialization of JASMS in Quezon City.

They said that the project being referred to by Jacob was for  a new JASMS facility, which was hit by the Asian financial crisis in 1998.

“Jardine Land turned the cash advances it made for the project into a loan which the PWU could not pay because of financial difficulties,” they said.

“It is becoming obvious that the group of Mr. Tanco is pulling all the stops in its desire to lay hands on PWU and its assets including the JASMS campuses in Quezon City and Manila to the point of twisting facts,” the Benitez family said.

Tanco’s group  has gained control of PWU after acquiring  eight out of 10 board assets in PWU last week as a consequence of the alleged default of the Benitez family in the payment of its obligations to STI Holdings Inc.  Family matriarch Helena Benitez was retained as chair emiritus.

Lyca Benitez-Brown, PWU media director, said the family, together with the PWU community, has already committed to settle its obligations with STI in a move to terminate the three-year partnership.

According to STI, the Benitezes owe them about P928 million after the Tanco group assumed a P230 million loan from Banco De Oro three years ago.

The Benitezes argued that the so-called takeover was illegal and was triggered by their refusal to agree to Tanco’s idea of commercializing JASMS-QC.

They said heeding to Tanco’s request would result in the reduction of space allocated for the school.

“The family was never consulted, the plan was presented to us after he had finalized it with a big mall developer he was negotiating with,” Brown said.

“STI is the one that has shown bad faith when it filed a notice of default and unilaterally demanded payment of the entire amount within a mere seven days. It assumed PWU’s P230-million loan with Banco de Oro just three years ago and is now demanding P928 million,” she added.