PNCC: Rising GOCC Phoenix-4
RESOLUTION No. BD-092-2000 was a complete turn-around by the PNCC Board which, and for almost two (2) decades prior to the issuance of the said controversial, if shocking, resolution, consistently refused to admit liability for the Marubeni loans.
To make it sound ‘regular’, the indicated resolution was amended two (2) months after its issuance, by introducing the caveat, “ xxx subject to the final determination of the Commission On Audit (“COA”) of the amount of the obligation involved, and subject, further, to the declaration of the legality of the obligation by the Office of the Government Corporate Counsel.”
Then came the first surprise of all surprises!
In January, 2001 – or barely three months after the PNCC Board ADMITTED liability for the Marubeni loans, Marubeni inexplicably ASSIGNED such entire credit to Radstock for only US $2 Million, or less than P100 Million! Stated differently, Radstock paid Marubeni LESS than 10% of the P10.743 Billion admitted amount!
It was obvious the “brokers” in this deal (cut at the dawn of the GMA presidency, remember) had ankle-deep pockets in their pants waiting to be filled.
Anyway, Radstock forthwith sent a Notice and Demand Letter to PNCC.
This was followed by tedious litigations between the parties and certain intervenors from Regional Trial Courts and up to the Court of Appeals to the Supreme Court.
We shall present blow-by-blow account of such litigation odyssey (in exactly the same manner the Supreme Court in the mentioned cases pictured it) to provide Juan de la Cruz with a clear understanding on how such pre-meditated plunder assault, vis-à-vis PNCC’s funds was worked out by GMA cohorts, and how PNCC Board hero Luis F. Sison waged his do-or-die battle to save them! (TO BE CONTINUED)