No ownership issue settled in CA order – One Source

MANILA, Philippines - One Source Port Support Services Inc. yesterday vowed to pursue all legal remedies to protect the sanctity of its authority to operate and manage the 10-hectare North Harbor in Tondo, Manila.

In a statement, One Source Port president Cyrus Paul Valenzuela said the temporary restraining order (TRO) issued by the Special 2nd Division of the Court of Appeals (CA) last Jan. 5 does not supersede or overturn the writ of injunction issued by a lower court last Dec. 19.

 “In the interest of justice and tenets of orderly legal proceedings, we remain firm on our position and shall exhaust all available legal remedies to protect our company’s interest,” Valenzuela said.

He pointed out that One Source Port was tapped by Harbour Centre Port Terminal Inc. (HCPTI) pursuant to the port ancillary services contract dated Jan. 22 and port services management contract dated June 5, 2014. 

According to Valenzuela, the TRO issued by the appellate court did not touch the ownership dispute between companies owned by businessman Reghis Romero II and his son Michael at HCPTI.

 “May we state that the Court of Appeals, in issuing the TRO, did not expressly, or even impliedly, affirm or confirm any purported ownership of R-II Builders, Inc. and R-II Holdings Inc., companies owned and controlled by Reghis Romero II, at HCPTI,” he added.

Valenzuela reiterated that the CA order did not supersede or overturn the ruling of Branch 167 of the Pasig City Regional Trial Court has issued a writ of preliminary injunction last Dec. 19 preventing the group of the elder Romero from representing themselves as owners of HCPTI.

According to court records, R-II Builders and R-II Holdings have divested from HCPTI as early as March 2, 2011. The shareholdings divested by the elder Reghis represented a total of 68.11 percent of the total issued and outstanding stocks of HCPTI.

 “This being the case, we respectfully submit and reiterate our position that the contracts entered into by HCPTI with our company cannot thus be unilaterally terminated by Reghis Romero II, acting as purported majority owner of HCPTI through companies owned and controlled by him,” he said.

If at all, he pointed out that the TRO issued by the appellate court merely prevented the continued implementation of our contracts for a period of 60 days.

On the other hand, publicly listed Globalport 900 Inc. assistant corporate secretary Uella Vida Mancenido-Gayo informed the Philippine Stock Exchange (PSE) that there is no TRO issued against the younger Romero and there is no TRO or any decision or order issued by any competent authority pertaining to the ownership of HCPTI.

 “The TRO issued by the Court of Appeals is against the management takeover of the service provider, One Source Port which is a service provider contracted by HCPTI, and which is not in any way connected to the corporation,” the official said.

Globalport owns 98 percent of Harbour Centre Port Holdings. HCPH in turn owns and controls majority of HCPTI which is the corporate vehicle that owns the Tondo port.

The younger Romero owns 85 percent of Globalport.