PNCC: Rising GOCC Phoenix
THE HIGH Tribunal emphasized that the execution of the indicated Compromise Agreement between PNCC and Radstock is manifestly and grossly disadvantageous to the National Government, and amounts to fraud.
Yet, and for the public to have an idea of the IMPUNITY with which the then PNCC Board wanted the said Compromise Agreement approved and implemented, the same Board made it appear in the PNCC books that the obligation to the National Government was reduced to P5 Billion!
Something that PNCC’s Senior Vice President/CFO Miriam Pasetes could not ex-plain when asked to do so during the Senate hearings on this issue.
The same PNCC Board was undaunted and reportedly even lobbied hard with the High Court to stamp its approval on the said Compromise Agreement and absolve the PNCC Board members from prosecution and criminal/administrative liabilities.
Unfortunately for them, the Supreme Court said it is not a “xxx legitimizer of violations of laws.”
In conclusion, the Sup-reme Court held:
“xxx the acts of the PNCC Board in (1) issuing Board Resolution Nos. BD-092-2000 and BD-099-2000 expressly admitting liability for the Marubeni loans, and (2) entering into the Compromise Agreement, respectively, constitute evident bad faith and gross in-excusable negligence, amounting to fraud, in the management of PNCC affairs. Being public officers, the government nominees in the PNCC Board must answer not only to PNCC and its stockholders, but also to the Filipino people for grossly mishandling PNCC’s finances.”
PNCC is operationally under the Department of Trade and Industry (DTI), although it should have been ap-propriately attached to the DOTC, if only for the nature of the functions PNCC is mandated to discharge.
Be that as it may, it behooves DTI’s Sec. Purisima not to let the authors (and their conspirators) of the Radstock anomaly go UNPUNISHED.
As PNCC neared bankruptcy, countless of its longtime loyal employees feared impending retrenchment, and naturally the nightmare of an uncertain future.
The employees’ fear, indeed, happened, but only most recently, under the watch of Chairman Butalid and Pres. LF Sison, and with full compensation pay for those affected.
This was considered as good enough!
But there can never be closure to that PNCC holocaust-like experience (which we have just serialized) from the hands of no less than its previous ‘Lacoste’
Board members and their ilks, unless and until they are made to answer and suffer for their misdeeds!
Our next series will focus on the post-Rad-stock PLUNDER of PNCC funds, again by its Board of Directors.
This one is equally “garapal”, but is MORE sickening, coming as it did at a time when PNCC was financially bleeding!
At the conclusion of the series, this space shall in the strongest terms recommend a Senate Blue Ribbon and/or Ombudsman investigation of the incident, and immediate criminal prosecution of those involved. (Conclusion)