ATI moves to prevent grains terminal foreclosure

Publicly listed Asian Terminals Inc. (ATI) has filed an appeal with the Central Board of Assessment Appeals (CBAA) to ward off government’s attempts to foreclose the company’s Mariveles Grains Terminal (MGT) for alleged non-payment of real property taxes.

These are the same legal problems that have pushed back San Miguel Corp.’s (SMC) plan to acquire the MGT, SMC president Ramon Ang told The STAR.

ATI has asked the CBAA to set aside the Bataan Local Board of Assessment Appeals (LBAA) decision dismissing the previous appeal filed by ATI that questioned the notice of reassessment issued by the provincial assessor of Bataan on certain real property located at the company’s MGT.

ATI officials said they intend to pursue and exhaust all remedies available to it under the law to set aside the assessment made on its property.

The MGT, considered the country’s most modern grain handling facility, has four unloaders or port equipment that can discharge wheat at an average rate of 10,000 metric tons a day. The unloaders can also discharge at least 10,000 tons of soya bean meal daily.

The company earlier sought court intervention to stop a possible auction of the Mariveles Grains Terminal in Bataan, following claims by the local government that the company was delinquent in paying real-estate taxes.

ATI said it has filed a petition for prohibition before the Regional Trial Court of Balanga, Bataan, to stop the public auction of the said property.

“ATI has religiously paid taxes and is confident of its legal position,” the company said in a statement.

SMC earlier announced that it was expecting to complete the purchase of the MGT in partnership with Toyota Tsusho Corp. from ATI middle of last year for P1.6 billion

ATI holds the right to develop and operate the grains terminal for 20 years, which ends on 2013. The company is owned by P & O Ports of Australia.