Lopez's First Holdings says GSIS claim is baseless
11/23/2009 | 11:30 AM
The Lopez group has dismissed the complaint filed by state-run pension fund Government Service Insurance System regarding the decision of First Philippine Holdings Corp. to sell stake in Manila Electric Co. to the group led by Hong Kong conglomerate First Pacific Co. Ltd. as “premature".
In a statement, First Holdings denounced the criminal charge filed against its corporate secretary Enrique Quiason, saying the case was “premature and with no legal leg to stand on."
Last Friday, GSIS charged Quiason before the Prosecutor’s Office in Pasig for allegedly violating Section 74 of the Corporation Code after he refused to provide GSIS with records and documents pertaining to First Holdings’ call option agreement with Metro Pacific Investments Corp., the local unit of First Pacific.
First Holdings acknowledged that the company received on November 11 a letter from Estrella Elamparo, GSIS chief legal counsel, requesting for copies of corporate records.
But Quiason clarified that he has not denied Elamparo’s request.
In a letter reply on November 16, Quiason said he just required from Elamparo a copy of a GSIS board resolution authorizing her request and specifying for their reasons of request.
After the company’s response, First Holdings said Elamparo unjustifiably refused to provide a board resolution, claiming that the GSIS Law Office can act on behalf of the pension fund.
The company added that there was another letter reply to Elamparo on November 19, wherein Quiason stated, “we cannot make any presumptions of regularity of your actions specially since this involves a private transaction. [First Holdings] is merely trying to protect the interests of all its shareholders and other stakeholders."
On Friday, Elamparo said the purpose of her request was to evaluate the propriety of First Holdings decision to borrow P11.2 billion from MPIC. and to grant the latter with a call option.
Among the documents requested include the proposal submitted by MPIC and TriRatna Holdings Corp. for the purchase of First Holdings shares in Meralco; copy of the board resolution approving MPIC’s proposal; copy of the board resolution approving the agreement between First Holdings and MPIC; copy of the loan agreement between MPIC and First Holdings; copy of the Call-Option Agreement between First Holdings and MPIC; and the Investment and Cooperation Agreement between First Holdings, MPIC and other parties.
Last week, GSIS also asked the Philippine Stock Exchange (PSE) to suspend trading and delist MPIC from the bourse on failure to make a truthful disclosure of its recent acquisition of additional shares in Meralco.
Elamparo said the call option agreement between MPIC and the First Holdings is a scheme designed to skirt the rules on mandatory tender offer of the Securities Regulation Code (SRC). - GMANews.TV
In a statement, First Holdings denounced the criminal charge filed against its corporate secretary Enrique Quiason, saying the case was “premature and with no legal leg to stand on."
Last Friday, GSIS charged Quiason before the Prosecutor’s Office in Pasig for allegedly violating Section 74 of the Corporation Code after he refused to provide GSIS with records and documents pertaining to First Holdings’ call option agreement with Metro Pacific Investments Corp., the local unit of First Pacific.
First Holdings acknowledged that the company received on November 11 a letter from Estrella Elamparo, GSIS chief legal counsel, requesting for copies of corporate records.
But Quiason clarified that he has not denied Elamparo’s request.
In a letter reply on November 16, Quiason said he just required from Elamparo a copy of a GSIS board resolution authorizing her request and specifying for their reasons of request.
After the company’s response, First Holdings said Elamparo unjustifiably refused to provide a board resolution, claiming that the GSIS Law Office can act on behalf of the pension fund.
The company added that there was another letter reply to Elamparo on November 19, wherein Quiason stated, “we cannot make any presumptions of regularity of your actions specially since this involves a private transaction. [First Holdings] is merely trying to protect the interests of all its shareholders and other stakeholders."
On Friday, Elamparo said the purpose of her request was to evaluate the propriety of First Holdings decision to borrow P11.2 billion from MPIC. and to grant the latter with a call option.
Among the documents requested include the proposal submitted by MPIC and TriRatna Holdings Corp. for the purchase of First Holdings shares in Meralco; copy of the board resolution approving MPIC’s proposal; copy of the board resolution approving the agreement between First Holdings and MPIC; copy of the loan agreement between MPIC and First Holdings; copy of the Call-Option Agreement between First Holdings and MPIC; and the Investment and Cooperation Agreement between First Holdings, MPIC and other parties.
Last week, GSIS also asked the Philippine Stock Exchange (PSE) to suspend trading and delist MPIC from the bourse on failure to make a truthful disclosure of its recent acquisition of additional shares in Meralco.
Elamparo said the call option agreement between MPIC and the First Holdings is a scheme designed to skirt the rules on mandatory tender offer of the Securities Regulation Code (SRC). - GMANews.TV
