Philcomsat exec sues PCGG, PMS usec over board appointments

An official of the Philippine Communications Satellite Corp. (Philcomsat) and the Philippine Overseas Telecommunications Corp. (POTC) filed a civil suit before the Sandiganbayan last Wednesday against the Presidential Commission on Good Government (PCGG) and Undersecretary Enrique Perez of the Presidential Management Staff (PMS).

Concepcion Poblador, vice president and director of Philcomsat and POTC, whose family owns 1,675 shares in POTC representing some 12.38 percent, accused the defendants of illegally appointing government nominees in the boards of Philcomsat and POTC through an invalid stockholders meeting last Nov. 19.

Poblador had asked the court to issue an injunction order against the PCGG, Perez and the new appointees from making any transaction in behalf of POTC and Philcomsat, particularly in disbursing funds.

Poblador also urged the court to nullify the appointments and the Nov. 19 stockholders’ meeting.

In addition, she sought a full inspection of both companies’ financial records by an external auditor and said she is prepared to post a bond to the amount to be determined by the court.

Poblador made no demand for damage awards.

Records show that Philcomsat is a wholly-owned subsidiary of POTC, a telecoms firm sequestered by the PCGG on March 14, 1986 on allegations that the firm is part of the ill-gotten wealth of associates of former dictator Ferdinand Marcos.

Poblador questioned the validity of the appointments of Santiago Ranada, Daniel Gutierrez and Allan Montano to POTC; and Abraham Abesamis, Rodolfo Serrano and Ramon Jacinto to Philcomsat.

“It is patent that the stockholders’ meetings were illegal, as they were not called, authorized or convened by the legitimate boards of POTC and Philcomsat. No such meeting or election was held by POTC and Philcomsat, and the matter was not even taken up by their respective boards, where plaintiff sits as director,” Poblador said in her complaint.

Poblador said the PCGG has not informed the boards of the two companies regarding the letters of President Arroyo expressing her intention to replace the present government nominees, namely Guy de Leon, Enrique Locsin, Manuel Andal and Julio Jalandoni.

Locsin and Andal sit as directors of the boards of the two firms. On the other hand, De Leon has a seat in POTC and Jalandoni in Philcomsat.

Perez was named defendant in the case for allegedly usurping the function of the PCGG by installing Arroyo’s nominees in the firms’ boards.                                       – Sandy Araneta