Minority stockholders’ intervention in UOBP deal too late, says Espiritu group

"Too late."

This was the argument of the Espiritu-led group when it asked the Regional Trial Court of Manila (Branch 46) to deny a minority stockholder’s opposition to the compromise agreement earlier arrived at the buy-out of United Overseas Bank of the Philippines (UOBP) by the Singapore-based United Overseas Bank Ltd. (UOBL).

Lawyer Francis Ed. Lim of ACCRA Law, representing the Espiritu group, told the court that the Tankiansee Group filed its motion "a good five months" after the Espiritu group that owned 33 percent of UOBP finalized its petition against UOBL.

Lim said the Tankiansees owned only 258 shares out of over 35 million issued shares of UOBP, making them a very nominal stockholder.

The Tankiansee Group "refused to contribute their share of the P12 million filing fees "prompting the Espiritu group to shoulder the whole amount, Lim said. He added that if the Tankiansees had wanted to assert their rights, they should have done so as early as last March.

UOBL bought out the other week the Espiritu group’s 33-percent stake in UOBP for an undisclosed amount, ending a much-publicized controversy.

Lim pointed out that the Tankiansees’ petition "only serves to delay the proceedings and thus prejudice the rights of the parties in this case."

In asking the court to deny the intervenor’s motion, the Espiritu Group said the latter is not prevented from pursuing claim. "They may file a separate acton and avail themselves of the usual mode to establish their case ... without becoming parties to the present proceedings."