Yosi Tanco deal with PWU a hoax – Conrado Benitez
A member of the Benitez family, which owns the Philippine Women?s University, has raised a howl over the debt settlement agreement with the STI group of businessman Eusebio Tanco, saying such a deal was reached through fraud or misrepresentation.
Under the deal announced late last week, the Benitez family?s Unlad Resources Development Corp. will retain control of PWU in exchange for giving up two major assets which include the site of the Jose Abad Santos Memorial School (JASMS) and a four hectare property in Davao.
The accord also involved the Tanco group?s return of the Taft and Indiana properties in Manila where the PWU campus is currently located.
In a statement, Conrado Benitez II, chairman of Unlad Resources Development Corp. which owns and holds PWU?s assets, said he is ready to take legal action to have the deal nullified for failure to obtain the requisite shareholder approval.
?We still operate under a rule of law even if my relatives feel that bowing down to whatever Tanco wants is the easy way out to buy peace. I believe that I can block the MOA since a 2/3 majority of Unlad?s stockholders has not approved the deal and show that what Tanco is trying o do is a gross injustice to PWU and Unlad and their shareholders,? Benitez said
?For my part going forward, I would like to institute the necessary legal processes to determine the true amount of what is due Tanco as he came in as an investor and can not just switch to becoming a creditor and imposing all his self-serving conditions. Once we achieve this, we can come out with a viable plan to settle what is properly
?If the arrangement was so above-board, why was I as chairman of Unlad not even informed of the signing? The signs of bad faith and collusion between Tanco and the individuals who are trying to give him Unlad?s major assets on a silver platter are all over the place,? said Benitez, who claims to own a substantial interest in Unlad.
The rift started when the Tanco group acquired the debt of Unlad and PWU from BDO Unibank Inc. worth about P223 million and lent the school P26.5 million. It also lent Unlad an additional P198 million.