Busog na? Duterte crony Dennis Uy takes a pass on Hanjin
Duterte crony Dennis Uy is uncharacteristically taking a pass on scooping up Hanjin Heavy Industries and Construction following its default on $400 million worth of loans.
In an interview with Nikkei Asian Review, Uy said he was “not interested” in being the white knight to save the 300-hectare shipyard inside the Subic economic zone.
Business Mirror reported: “In mid-2018, there was talk of negotiations with Davao’s Dennis Uy, but such (negotiations) fell through.”
Hanjin had reportedly offered to sell its 85-percent stake for $894 million and retain minority interest.
Uy did not explain why he has lost interest in Hanjin now that it was in dire straits and he has the leverage.
Since Duterte set foot in Malacanang in 2016, Uy has amassed businesses Pacman-style largely through massive borrowings from local and foreign banks.
See related stories: