Author Topic: LandBank Sells Shares of Meralco  (Read 472 times)

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LandBank Sells Shares of Meralco
« on: September 26, 2012, 10:33:09 AM »
By Joann Santiago

The Land Bank of the Philippines (LandBank)awaits copies of a complaint filed against the bank and San Miguel Global Power Holdings Corp. for alleged anomalous sale of its share in Manila Electric Co (Meralco) in December 2008.

“LANDBANK officials are confident that the complaint filed can be easily explained, including the fair value price of P90 per share in December 2008 for the purported sale of LANDBANK Meralco shareholdings to Global 5000 (now SMC Global),” the bank said in a statement Tuesday.

The complaint against LandBank and SMC officials was filed before the Office of the Ombudsman by one Emilio Aguinaldo Suntay III Monday.

Named as respondents are San Miguel Corp. president Ramon S. Ang, former trade minister Roberto Ongpin, and Land Bank of the Philippines president Gilda Pico.

The case stemmed from the sale on Dec. 2, 2008 by LandBank of its 46 million shares in Meralco for P4 billion at P90 apiece to Global 5000 Investment Corp, which was later renamed as San Miguel Global Power Holdings Inc.

Under the special purchase agreement, SMC Global will pay LandBank in three tranches until January this year.

Suntay claimed that the transaction “is grossly disadvantageous to the government and inimical to the interest of the state and public."

LandBank, however, said “it has practiced due diligence and transparency in this transaction.”

“Bank officials say that the shares are the Bank’s trading assets which can be traded in the regular course of its business.”

The statement said that “the shares, if sold at P90, in December 2008, when the prevailing market price was P57 per share, would have represented a hefty premium of 58 percent over market price, if it pushed through.”

“But the transaction did not materialize due to the unlawful cancellation by Adjudicator Miñas (Conchita) of LANDBANK’s share in Meralco. The Shares Purchase Agreement therefore was not at all implemented in 2008 and even now,” it said.

The statement denied allegations of conspiracy among Roberto Ongpin, Margarito Teves, Gilda Pico, Ramon Ang, Atty. Estelito Mendoza and Justice Lucas Bersamin “as the ruling in favor of LANDBANK was rendered by the First Division of the Supreme Court composed of five magistrates.”

“Moreover, the Bank claims that in any event, the decision sought to be discredited is completely meritorious and can withstand even the most intense legal scrutiny,” it said.

Landbank officials “feel” that the complaint is also related to the plunder and corruption charges the bank filed in March 18, 2009 before the Ombudsman against Regional Agrarian Reform Adjudicator (RARAD) Conchita C. Miñas and other parties, including Josefina Lubrica, who is an assignee of the family patriarch Federico Suntay, grandfather of complainant Emilio Aguinaldo Suntay III.

The statement said the complaint was filed after the alleged “unlawful cancellation and transfer of Landbank’s 42,002,750 Meralco shares valued at around P2.5 billion in 2008 in favor of Lubrica.”

“The Meralco shares, which do not form part of the Agrarian Reform Fund (ARF), were illegally levied upon to satisfy the vacated decision of Miñas valuing the property at more than P157 million as against Landbank’s valuation of P4 million only,” it said.

The bank questioned the case before the Supreme Court, which in December 14, 2011 ruled in favor of Landbank and ordered the cancelation of stock certificates issued to Josefina Lubrica citing that “the levy of Land Bank’s Meralco shares was void and ineffectual.”

SC, in the same ruling, also declared that “Land Bank is entitled to all dividends to the invalidly levied shares of Meralco.” (Land Bank of the Philippines v. Federico Suntay, as represented by his Assignee, Josefina Lubrica, G. R. No. 188376, December 14, 2011).

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