normal_post - Privatization of the Multi-billion Peso Mimosa Leisure Estate in Clark Free Port - Philippine Daily News Author Topic: Privatization of the Multi-billion Peso Mimosa Leisure Estate in Clark Free Port  (Read 987 times)

Ligalig-Mike

  • FOUNDER
  • GURU
  • *****
  • avatar_1_1507939928 - Privatization of the Multi-billion Peso Mimosa Leisure Estate in Clark Free Port - Philippine Daily News
  • Posts: 18912
  • medal1 - Privatization of the Multi-billion Peso Mimosa Leisure Estate in Clark Free Port - Philippine Daily Newsmedal2 - Privatization of the Multi-billion Peso Mimosa Leisure Estate in Clark Free Port - Philippine Daily News
  • Need A Website? Email me: info@mikeligalig.com
    • Share Post
Bid winner Waterfront Philippines Inc. in the privatization of the multi-billion peso Mimosa Leisure Estate (MLE) here was not permitted to take over its management and operation for failure to settle its obligation of some P872.5 million to Clark Development Corp. (CDC).

The 90-day grace period expired on Saturday.

This developed after Waterfront requested CDC for another 40-day grace period while it is negotiating with a Korean investor to finance the winning bidderʼs obligation to CDC.

The CDC legal department earlier said that the estate corporation can not grant the requested extension of settling its financial obligation because it is a violation of the legal procedure of its terms of reference (TOR).

In addition, a foreign investment firm has backed out from Waterfrontʼs request to a tie-up and agree to a joint venture in settling its financial commitment as stipulated in the Memorandum of Understanding (MOU) which expired on Oct.11.

The CDC legal department also explained earlier that CDC can not grant the requested extension explaining that CDC was not at fault in the bidding. With this development, a former CDC director expressed fear that it could lead to a failure and conduct another bidding.

The former CDC director also disclosed that Philippine Amusement and Gaming Corp. (Pagcor) continued refusing a license to Waterfront to operate the Mimosa Casino unless the more than P400 million financial obligation of the former operator of Mimosa Estate is settled. - PNA

Linkback: https://tubagbohol.mikeligalig.com/index.php?topic=15551.0
Romans 10:9
"That if you shall confess with your mouth the Lord Jesus, and shall believe in your heart that God has raised him from the dead, you shall be saved."

Get FREE 500GB cloud storage:
https://www.pcloud.com/welcome-to-pcloud/?discountcode=fDiE7jtC01VPbCIygaM67jZV


Share via facebook Share via linkedin Share via pinterest Share via tumblr Share via twitter

 

Booking.com

Latest Topics

WW3 US vs Iran by balong
[Today at 04:35:13 AM]


Thieving Paw strikes again by hubag bohol
[Today at 12:02:17 AM]


The Lightsaber by hubag bohol
[Yesterday at 11:58:13 PM]


Filipino Taxi Motto by hubag bohol
[Yesterday at 11:51:07 PM]


‘To strive, to seek, to find and not to yield!’ by hubag bohol
[Yesterday at 11:44:40 PM]


Drinking too much fruit juice linked to premature death risk by hubag bohol
[Yesterday at 10:53:11 PM]


winning senators by balong
[May 18, 2019, 12:18:28 PM]


Elavil Bus Accident by MIKELIGALIG.com
[May 18, 2019, 10:03:30 AM]


motor ni balong by balong
[May 18, 2019, 01:54:27 AM]


Kalinga Governor Election by MIKELIGALIG.com
[May 17, 2019, 07:26:04 PM]

SMF spam blocked by CleanTalk
Powered by SMFPacks SEO Pro Mod | Sitemap
Mobile View
SimplePortal 2.3.7 © 2008-2019, SimplePortal