An inside job?

Looks like an inside job to me.

There was no forced entry when robbers took away close to P18 million in cash from a safe of the United Coconut Planters Bank (UCPB) at the head office.

The cameras were also off because according to UCPB president Jojo Querubin, it was a Sunday and the room was dark and locked anyway. The cash, he said, consisted of collections made last Saturday from clients which are kept inside the cash safe before being transferred to the big vault.

There was a report that gold bars were also stolen but Mr. Querubin merely laughed at the reports, saying they are not allowed by the Central Bank to keep these.

Libel case vs. Batas

Foodsphere Inc., makers of CDO processed meat products has just filed a P10-million damage suit for 12 counts of libel for 12 consecutive days of alleged malicious and defamatory write-ups against defeated senatorial candidate and lawyer Melanio "Batas" Mauricio before the Valenzuela City Prosecutor’s Office.

Included as respondents are Bagong Tiktik editor-in-chief Cris Marcelino and Pigeon Publishing president Lorenzo Banag of Obando, Bulacan. This is the second case filed against Mauricio following an earlier P30-million libel suit filed against him by CDO before the Quezon City Prosecutor’s Office.

CDO alleged that Mauricio came out with a series of write-ups accusing the food company of producing and selling defective liver spread. Foodsphere said Mauricio demanded money and advertisements from the company in the guise of trying to assist a certain Eva Cordero of Obando, Bulacan in filing a complaint before the Bureau of Food and Drugs (BFAD).

But even after the consumer complaint was already dismissed by health authorities, he allegedly continued with the media attacks purposely to malign the company and its products.

In a 26-page complaint, Foodsphere detailed how Mauricio allegedly used the tabloid Bagong Tiktik in coming out with libelous and malicious write-ups. Mauricio likewise allegedly aired malicious and defamatory remarks over the radio station DZBB and in his television program.

Mauricio reportedly forged a settlement between Foodsphere and those claiming that they found the canned liver spread defective in the amount of P50,000 wherein only P15,000 was to go to the complainant Cordero while the rest goes to his Batas Foundation.

Foodsphere is asking the court to look deep into how Mauricio allegedly tried to blackmail the food company through extortion while hiding behind the guise of exercising freedom of the press and of expression.

Resolve the case once and for all

Government will benefit immensely if the Office of the Ombudsman would immediately resolve the P390-million graft case filed two years ago by Philippine Communications Satellite Corp. (Philcomsat) against businessman Manuel Nieto Jr. and four others.

As we all know by now, our government is bankrupt and the President and Congress are exhausting all possible avenues to raise new sources of funds, which may include selling government investments and assets.

Philcomsat is a wholly-owned subsidiary of the Philippine Overseas Telecommunications Corp. (POTC) which is owned 35 percent by the government. Philcomsat also owns 81 percent of Philcomsat Holdings Corp.

The complaint alleged that Nieto and government appointed directors Benito Araneta and Ronaldo Salonga, as well as Luis Lokin Jr. and Tereso Javier colluded in illegally releasing P265 million in Philcomsat funds to Antonio Araneta in August 2000. The respondents also allegedly caused the release of P125 million from Philcomsat Holdings to Antonio Araneta.

The funds were supposed to be borrowed by Araneta but he was not required to pay any interest nor was he asked to put up collateral. There was also no board resolution approving the release of funds. The loan was supposed to be in exchange for a 12-hectare land in Las Piñas where Philcomsat could build its corporate headquarters.

Blood relationship likewise made the deal dubious. Nieto is the uncle of Benito Araneta since the former’s wife and the latter’s mother are sisters. Antonio is the first cousin of Benito because their fathers are brothers.

By virtue of its ownership of Philcomsat and Philcomsat Holdings, government owns P92.75 million of the funds from Philcomsat and P37.5 million from Philcomsat Holdings or a total of P130.25 million. That’s big money in any language, considering the government’s fiscal predicament.

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