Gozon welcomes dismissal of Ang’s estafa complaint

MANILA, Philippines - GMA Network Inc.’s chairman and chief executive officer Felipe Gozon welcomed yesterday the dismissal of the estafa complaint filed against him and other officials by businessman Ramon S. Ang.

In a statement, Gozon said the Department of Justice’s dismissal of the syndicated estafa complaint filed by Ang is a welcome development.

The DOJ dismissed the complaint after both parties have reached a reasonable and mutually acceptable settlement on their dispute, and Gozon agreed to return Ang’s downpayment.

Gozon said he has returned the P1 billion downpayment made by Ang for an earlier plan to acquire a 34 percent stake in GMA.

In return, Gozon also received a substantial amount from Ang which he declined to disclose as the parties have agreed to keep the details of their settlement confidential.

Last July, Ang filed a syndicated estafa complaint against Gozon, Anna Teresa Gozon-Abrogar and Ismael Augusto Gozon of FLG Management Corp. and GMA stockholders Belinda Madrid, Ma. Erlinda Gana, Jaime Javier Gana, Florencia Gozon Tarriela, Edgar Tarriela and Tricia Valderrama, collectively known as the Gozon Group.

The complaint was filed for the group’s failure to return the downpayment even as the talks for the planned share purchase were terminated in July.

Gozon said the retention of the downpayment was intended to answer for claims against Ang for opportunity loss pursuant to law and the term sheet the parties entered into.

The term sheet or the summary of principal terms and conditions relating to the sale and purchase of equity shares in GMA signed by Ang and the sellers – the Gozon, Jimenez and Duavit groups – contained the obligation to negotiate in good faith during the exclusivity period on the sale of shares of the network.