‘Thaksin’s ex-broker moving to transfer control of P10-B Sta. Ana racetrack’
A Malaysian businessman who allegedly brokered an anomalous real estate deal in
Lawyer Brigido Dulay, spokesman for the minority shareholders of the Philippine Racing Club (PRC), said at the weekly Kapihan sa Sulo Hotel Forum that Sorin Upatkom is allegedly working behind the scene to take over the 25-hectare prime property located at the boundary of
“Upatkom, a low but very influential international broker, is leading a group of Malaysian nationals representing the Magnum investment holdings to take control of the prime property,” Dulay said.
He said the PRC board, dominated by Malaysian investors, has allegedly moved to acquire a small and losing company – JTH Davies Holdings – in preparation for a share swap arrangement.
“We questioned the group’s subsequent move to transfer the ownership of the P10-billion Sta. Ana property to this small moribund P25-million firm by a shell company by way of a so-called swap deal,” Dulay said.
“Their swap scenario is simple as it is highly questionable – trade the title of the P10-billion Sta. Ana property with shares in this small bleeding firm,” Dulay said.
The lawyer said the minority stockholders of the PRC, who are all Filipinos, have already sought the help of a court to stop the allegedly anomalous deal.
He also expressed concern that Upatcom might get involved in a politically sensitive transaction in the
The corruption case against Thaksin involved a prime property in
Thaksin, a billionaire in the telecommunications sector before he joined politics, was prime minister of
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