Iligan power exec facing estafa raps

MANILA, Philippines — An executive of the Iligan Light and Power Inc. (ILPI) is facing charges of syndicated estafa in connection with the allegedly anomalous purchase of two power plants in 2011.

ILPI president Ralph Casino has been charged before the Makati City Prosecutor’s Office for violation of Presidential Decree 1689, or an act increasing the penalty for swindling or estafa in relation to the Revised Penal Code.

The charges against Casino stemmed from a complaint filed recently by Uriel Borja, stockholder of ILPI and former director of Mapalad Energy Generating Corp. (MEGC), which is partly owned by ILPI. 

Aside from Casino, the other respondents in the complaint are MEGC officials Milton Along, Marcelino Agana and Lorimer Abejuela, and Chase Power representative and president Andrew Harvey.

Borja alleged that the respondents conspired in the purchase of two units of Sumitomo power plants, which amount was initially placed at $1.04 million.

He said the respondents allegedly lied to MEGC shareholders and directors to convince them to agree to the acquisition, which amount was later increased to $3.45 million.

“This exorbitant increase in cost could have been avoided had Along, Casino, Agana and Abejuela acted in the best interest of MEGC,” Borja said in his complaint.

The complaint said the ILPI and MEGC incurred more costs for the rehabilitation of the power plants, which were supposed to be brand new when bought.

Last month, the office of the Department of Justice in Northern Mindanao ordered the filing of charges against Casino and ILPI legal assistant Noel Ebdalin for denying a stockholder access to corporate papers.