By Daxim Lucas
Philippine Daily Inquirer
The Department of Justice (DoJ) has ordered the filing of fraud charges against information technology (IT) expert Augusto “Gus†Lagman for allegedly selling a technology company that he ran and partly owned without the consent of its majority owner, businesswoman Nora Bitong.
In a resolution issued on June 17, Justice Undersecretary Linda Malenab-Hornilla said Lagman made “false representations†to the board of directors of Systems Standard Inc. (SSI) when he told them that talks with potential investors in the firm’s wholly-owned Vinta Systems unit had failed to progress.
In her complaint to the DoJ, Bitong—who owned two-thirds of SSI’s stock—said it later emerged that Lagman was already in discussions with a potential buyer at the time.
More importantly, Bitong alleged that the company’s board, led by Lagman, had approved the sale of SSI shares to Philippine Investment Management Inc. (Phinma) while she was away on a foreign trip and despite her earlier objection to the transaction.
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