I also know that "Fortune", (as he is called by people who know him well) contested the SEC order before the Court of Appeals and succeeded in securing a temporary restraining order for 60 days and subsequently, after the said court found merit in the petition he filed, issued a writ of preliminary injunction that effectively restrained the SEC from enforcing its order and from removing him as rehabilitation receiver for the ASB Group of Companies.
For a long time Fortune has been receiving a "bashing" in many newspaper reports and columns, one even written by a friend and peer in the profession, that one evening over dinner I just had to ask him why I have not read or heard his side of the controversy. I also told him that as a friend I would always rather think that the negative things said about him are all lies, but considering the number of times that these lies are being said over and over again, I added in jest that I might just start believing them.
As soft spoken as he is, Fortune, close to mumbling said that he did not want to dignify the malicious campaign to discredit him simply because the issue about his irregular discharge is "subjudice" and for the court to decide and besides, he added, he does not have the resources to sustain the cost of a PR campaign in order to defend his honor and protect his name. He added that the truth would always come out, as the good Lord would always maintain.
At that point, maybe because he was a friend of mine, I succumbed to the temptation of asking him why he could not afford spending in order to defend himself considering that one of the issues against him is for being overpaid for his job. Of course I did not realize until he told me that he also had a reliable staff to compensate, which does not come cheap, and expensive overhead costs to cover. Stupid me.
Nonetheless, in the spirit of maintaining some sort of balanced journalism, I offered to accommodate in this column his side in the continuing effort to put him, his name, integrity, his performance and capability in bad light.
According to Fortune, a "dirty" campaign began after he was able to successfully secure the writ of preliminary injunction, when a series of articles were written in different columns of different newspapers mouthing allegations against him but without giving coverage to his side, which he would mail to the columnists involved.
He added that a poison letter maligning him was also circulated to the unsecured creditors of ASB but the author would not identify himself except to say "your fellow concerned creditor" who would like fellow aggrieved creditors to rise against Mr. Cruz. Certain creditors forwarded copies to him remarking that the letter could not come from a genuine unsecured creditor because in supposedly championing their cause he would identify himself and encourage the others to respond to him. He said that many of the creditors were already asking if the "poison letter" could have been the handiwork of some people from ASB? Of course his Christian side didn’t want him to entertain the idea, but logic dictates that it’s ASB that would benefit most when the present independent-minded rehabilitation receiver would be replaced. Besides, Fortune asked, "Is it true that the "poison letter" and other previously sent ASB letters to one creditor bear the same fax number?"
With all these demolition efforts aimed at him notwithstanding, Fortune Cruz volunteers that what he is concentrating on now is how to make those responsible account for the P5.2 billion of what appears to be cash advances taken from the company. He adds that his investigation shows that were it not for such irregular withdrawal of the funds that were entrusted to ASB by unsuspecting creditors/investors, the company would have had no problem completing its projects and settling its obligations.
In the midst of all these, Mr. Fortunato B. Cruz, the original SEC-appointed rehabilitation receiver for the ASB Group of Companies, has some curious questions that refuse to stay away from his mind.
Why has the SEC not done anything to make those responsible, account for the huge irregular withdrawals that caused the company’s financial fold-up, despite all the consistent follow-ups made by him, the receiver?
Why is the SEC vigorously trying to oust him based on an irrelevant issue of fees, which are well within the SEC guidelines on receiver’s compensation?
Are there people influencing the SEC to oust him? If so, could they be the same people responsible for those irregular cash advances?
The foregoing is an effort to have a semblance of balanced journalism regarding the discussed issues, which have been for a long time, having only one side getting the better exposure. In any issue or controversy, there are at least two sides contending – I take none but the truth.
Cebuano Lechon Daily At CPH
Century Park Hotel GM Paul Gill is again all excited about the ongoing WOW Philippines Central Visayas Festival.
Featuring Cebuano food, dances, exhibits and fashion shows by four renowned Cebuano couturiers, the celebration will run until Oct. 30.
The festival is a joint project of Century Park Hotel and the DOT Central Visayas Region in cooperation with the CHIKKA-AN chain of restaurants in Cebu.
If you have tasted the famed roasted Cebu-style lechon, you have no reason not to come to the Café in the Park as this will be flown in daily from Cebu for the event aside from other authentic native Cebuano delicacies.
Mabuhay!!! Be proud to be a Filipino.
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