AGNP legal counsel Andrew D. Inocencio said the company will be forced to file a criminal suit against PCGG nominee-directors Basilio Cruz and Emiliano Jurado unless they rectify the actions they have taken which led to a management shakedown in ETPI.
Buckeridge, who represents AGNP, was replaced by Pablo Lobregat in a hastily-called meeting of ETPI’s board of directors last May 10.
Inocencio said the two PCGG appointed directors are liable under Article 3 (e) of Republic Act 3019, which declares unlawful an act of any government official "giving any private party unwarranted benefits, advantage or preference in the discharge of his official administrative or judicial functions through manifest partiality, evident bad faith or gross inexcusable negligence."
Inocencio also sought the suspension of the two PCGG nominees from their positions pending criminal prosecution.
"While private parties could engage in maneuvers to seize control of a corporation – assuming such moves enjoy legal cover – it is highly questionable for the two directors assigned to the board by the PCGG, an agency whose mandate is to protect the interests of government and ensure that the assets of the corporation are not dissipated, to be involved in corporate intramurals and side with one party or another," Inocencio said.
He said the removal of Buckeridge has triggered a wave of resignations of key ETPI officers such as the heads of finance, human resources, sales and marketing, and has jeopardized AGNP’s A$40 million investment in the telecommunications firm.