Tiff stalls telecom company’s rehab

What recently appeared as a grand plan to fully revive the operation of the Philippine Communications Satellite Corp. (Philcomsat) was stalled anew due to the existence of two adversative boards, which, to date continue to confuse the public. It appeared that there is more trouble at Philcomsat borne by recent events in a long-running feud of said groups, of which the lead counsel of the side led by Carmelo Africa Jr. asked the Presidential Commission on Good Government (PCGG) to take the appropriate action against Manuel Nieto Jr. and his associates to prevent them from further subverting the desire of President Arroyo for a smooth assumption of the PCGG nominees as government directors of Philcomsat.

Records show that five former Philcomsat directors and officers were indicted before Branch 64 of the Metropolitan Trial Court (MTC) of Makati City for violation of Section 144 of the Corporation Code and Article 318 (Other Deceits) of the Revised Penal Code. The lawsuit accused Manuel Nieto Jr. Lourdes Africa, Luis Lokin Jr., Benito Araneta and Ronaldo Salonga of conspiring with one another for their mutual aid and benefit with deliberate intent in defrauding the company in the amount of P874 million.

Records also showed that the information was filed as a consequence of the criminal complaint instituted by Philcomsat lawyer Samuel Divina. Divina said the accused banded themselves into an executive committee and passed a resolution authorizing Nieto Jr. to enter into an illegal memorandum of agreement with ANSEAR Realty and Development Corp. and Anronio Araneta. According to Divina, Philcomsat and Philcomsat Holding Corp., a subsidiary of the former, precipitatedly released the amounts of P265 million and P125 million, respectively, without obtaining the approval of Philcomsat and the PHC Board nor the ratification or approval of the stockholders of the firms which was in gross violation of the provisions of the Corporation Code.

Said acts, Divina said, clearly constitute a mockery of the judicial ruling already issued by both the Court of Appeals and the Supreme Court declaring the rump board-held election on Aug. 27, 1998 by the said Nieto-led group as illegal. He also said it was the intention of the said group to represent themselves as the alleged directors of Philcomsat and to further sow chaos and confusion to perpetrate themselves in power as they have managed to do so in PHC, a publicly-listed corporation, 81 percent of the shares of which is owned by Philcomsat.