Ongpin vows to take legal action vs Wenceslao group
MANILA, Philippines - Businessman Roberto V. Ongpin has assured shareholders and the public that the proposed P2 billion Alphaland Marina & Country Club is pushing through as he vowed to take legal action against the Wenceslao family, his partner in the project.
The Wenceslaos issued early this week statements advising the investing public that the marina club shares that the Ongpin-led Alphaland Corp. was selling were not from the joint venture company that they both had formed in 2007 and that all sales proceeds of which would go directly to Ongpin and his other companies.
The Wenceslao group claimed it owns a controlling 67 percent stake in the joint venture, Alphaland Bay City Corp. with a contribution of 22 hectares out of the 32-hectare project located between Mall of Asia and Solaire Casino. Ongpin’s camp, on the other hand, contributed 10 hectares.
Ongpin’s legal counsel Rodolfo Ponferrada slammed the Wenceslao group for issuing statements “full of half-truths and lies,†saying the latter reneged on its commitment to turn over the 22 hectares, prompting Alphaland to declare the Wenceslaos in default last December.
“I assure the public that the Alphaland Marina & Country Club will push through as planned,†Ongpin said, pointing out that Alphaland has the requisite foreshore lease and all of the government permits to ensure the marina bay project’s completion.
Ponferrada said Alphaland acquired the 10 hectares from the Wenceslao group for about P3 billion in cash or about P30,000 per square meter in 2007. The transaction was fully completed and the 10 hectares was fully-titled in the name of Alphaland since that time, he said.
He claimed that it was the Wenceslao group that even proposed to set up a 50:50 joint venture in which the former would contribute its 22 hectares and Alphaland would contribute its 10 hectares plus cash and shares of stock.
Ponferrada said Alphaland did not engage in misrepresentation when it started selling shares of the marina club as the Wenceslao group had no partipation in the project due to its failure to deliver on its promise.
The Wenceslaos, on the other hand, claimed that Ongpin’s group mortgaged 10 hectares of the 32-hectare block without their prior knowledge. They said they only knew about it when a major local bank asked them to sign the loan document since the property being mortgaged is part of a joint venture.
They did not sign the loan document as the proceeds would only benefit Ongpin’s camp.
“If the Wenceslao group succeeds in breaking the joint venture and recover its share of 16 hectares, it stands to gain a monumental windfall profit of some P27 billion (albeit, illegal and unjustified). It is therefore clear why the Wenceslao group is going out of its way to muddle the issue and undermine the Alphaland Marina Club project and undermine the Alphaland Bay City joint venture,†Ponferrada said.
Ongpin said he would not take this sitting down and is now mulling legal options to protect his reputation.
‘These slanderous efforts of the Wen-ceslao group will not succeed. And the Wenceslao group will face the legal consequences of this slander,†Ongpin said.
- Latest
- Trending
