Yuchengco's claim 'fictional,' ex-ambassador says

Former ambassador Albert del Rosario has branded as a "fictional account" business tycoon Alfonso Yuchengco's claim that he was intimidated into selling his Philippine Long Distance Telephone company (PLDT) shares in 1998. "The fictional account in relation to the allegations on PLDT can be taken in the context of Amb. Yuchengco's statements as contained in his book," Del Rosario said in his statement. Yuchengco claimed in the book "To Leave a Good Name: the Legacy of Alfonso T. Yunchengco" by Nick Joaquin and Krip Yuson that Del Rosario went to his office in 1998 to with 10 men armed with rifles to scare him into selling his stake at PLDT. "In deference to his seniority and reported illness, I would like to respectfully ask Amb. Yuchengco if he is prepared to publicly and specifically affirm the veracity of his written account, or if this was, after all, a mere display of his incredible imagination," Del Rosario said. "The fact of the matter is, based on the actual transaction, Amb. Yuchengco retained his PLDT shares and received cash as part of the sale of his PTIC shares. He did not lose his PLDT shares," he added. Ray Espinosa, a PLDT director and the legal counsel of PLDT chairman Manuel V. Pangilinan, said on Wednesday that the Yuchengco group did not lose their underlying PLDT shares even as they sold their PTIC (Philippine Telecommunications Investments Corp.) shares to Pangilinan’s group. The statements of Del Rosario and Espinosa belie Yuchengco’s claim in the book, which quoted him as saying: "I had to sell my stake in PLDT because he (former President Joseph Estrada) forced me to. Ten people came to my office with ten rifles and Albert del Rosario, our current Ambassador to Washington, and another fellow forced me to sell my stake. So I had no choice." Del Rosario was the Philippine Ambassador to the United States in Washington DC from 2001 to 2006, while Yuchengco was formerly the country’s permanent representative to the United Nations. Yuchengco was put into the spotlight after he corroborated Senator Panfilo Lacson’s statements against Estrada. On Thursday, Estrada filed libel charges against Yuchengco and the Philippine Daily Inquirer over Yuchengco’s claim. The deposed President said Yuchengco’s statements were “false and malicious" and intended to taint his reputation. [See: Erap fights back, files libel raps vs Yuchengco and PDI] - GMANews.TV