IBC-13, R-II Builders execs told to answer raps on questionable joint venture
MANILA, Philippines—The Office of the Ombudsman on Friday ordered top officials of Intercontinental Broadcasting Corporation (IBC-13) and R-II Builders /Primestate Ventures Inc. to answer the criminal case filed against them in connection with the questionable joint venture agreement (JVA) to develop 36,401 square meters of IBC-13 property.
Ordered to answer the complaint are Jose Javier, former IBC-13 Chief Executive Officer; Joselito Yabut, former Chairman of the Board of IBC-13; Conrado Limcaoco Jr, former Supervising Secretary of IBC 13, and Nathaniel Romero, Primestate President and Managing Partner. They are facing a complaint for violation of Republic Act 3019 or the Anti-Graft and Corrupt Practices act and Falsification of Public Document under Article 171 of the Revised Penal Code.
Ombudsman Conchita Carpio-Morales gave the order following an investigation by its Field Investigation Office (FIO) which showed that the execution of the JVA caused undue injury to the government worth P254.8 million.
The JVA seeks to develop 36,401 square meters of 41,401 square meters of IBC-13 property in Capitol Hills, Diliman, Quezon City into residential complex while the remaining area will be used for the construction of two buildings for IBC-13.
The FIO also said that the JVA is also invalid because it did not follow the guidelines set by the government.
It noted that the JVA was approved in haste with misrepresentations in its clauses, proof of “bad faith and manifest partiality.”
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.