Buckeridge improved ETPI operations, says AGNI of Australia

Australian Gigahertz Network International Pty. Ltd. (AGNI), which owns 40 percent of Eastern Telecoms Philippines Inc. (ETPI), said yesterday it stands ready to present evidence that the local telecommunications firm posted a significant turnaround in its financial operations under the watch of Roger Buckeridge.

Buckeridge, a former chairman of ETPI, represents AGNI.

The statement was in response to the claim of Emiliano Jurado, one of the two directors appointed to the ETPI board by the Presidential Commission on Good Government (PCGG), that Buckeridge along with another AGNI representative, Nenita Lim-Cruz, were removed from their previous positions due to charges of mismanagement.

In a letter to PCGG chairman Camilo Sabio, Buckeridge’s lead counsel Mario Reyes said the evidence they will present are based on the audited financial statement of ETPI from 1997 up to the present.

"It is easy to allege mismanagement but it is another matter to prove it. Those responsible for removing my client as ETPI chairman are even citing figures to bolster their claim but we don’t know the basis of these figures. What we will present to the PCGG include the audited financial statements of ETPI," Reyes said in a statement.

AGNI earlier asked the PCGG to prohibit its representatives in the ETPI board to participate in the meeting of the telecommunications firm’s board scheduled on Aug. 10 so as not to preempt a court order or judgement on matters under litigation.

Buckeridge earlier filed a civil case against ISM Communications Corp. seeking to stop the transfer of ETPI shares to ISM, controlled by former Trade and Industry Minister Roberto Ongpin, citing a PCGG policy that "recovered ill-gotten wealth should not be offered to former (Marcos) associates."

ISM entered into a share swap agreement with Aerocom Investors & Managers Inc. for the latter’s 17.7 percent stake in ETPI. ISM will issue 6.816 billion new shares to Aerocom in exchange for 4.6 million Class A shares of ETPI.

AGNI earlier threatened to file criminal charges against the PCGG representatives who voted to replace Buckeridge from the position of chairman in ETPI.

AGNI bought its ETPI shares from its long-time foreign shareholder, Cable & Wireless Plc. The two largest investors in the AGNI syndicate are an Australian publiclylisted company, Union Resources Ltd., and a venture capital fund managed by Allen & Buckeridge Asset Management Ltd.