INVESTMENT HUB Subic Bay Freeport, host to local and foreign investors, is one of the country’s leading investment destinations. —ALLAN MACATUNO
Wilma Eisma
SUBIC BAY FREEPORT — The head of the Subic Bay Metropolitan Authority (SBMA) sits in the board of a company operating at Subic Gateway Park here based on a joint venture agreement (JVA) and that does not mean she was its part owner.
That was the assertion made by Ou Chin-der, chair of Subic Bay Development and Management Corp. Inc. (SBDMC), to dispute allegations made in an Ombudsman complaint that lawyer Wilma Eisma, SBMA chair and administrator, had interests in Teco (Philippines) 3C & Appliances Inc., which she supposedly did not divest from before she was appointed to head the SBMA.
In a letter to the SBMA board of directors, Ou said SBDMC was formed through a JVA between the SBMA, which has a 49-percent interest, and United Development Corp. (UDC), which owns a 51-percent interest.
A copy of the letter was furnished to the Office of the President.
The SBMA is represented by four nominees to the SBDMC board of directors as required by the JVA.
Board action
Because SBDMC has invested and owns 30 percent of the capital stock of Teco, it was entitled to two seats in the Teco board, Ou said.
“To respect the [joint venture], it has been the practice of SBDMC from the very beginning to nominate one director each from UDC and SBMA,” he said.
Under this setup, the SBDMC board of directors confirmed in 2017 the nomination of Eisma and the reappointment of Jeff Lin, SBDMC president, to represent SBDMC’s shares in the Teco board.
Eisma’s nomination to the Teco board was ratified by the SBMA board of directors during its meeting in March 2017, according to a certification signed by lawyer Dennis Diño, then acting SBMA corporate secretary.
Accusations
“In the articles of incorporation of Teco when it was registered in 2008, all nominee directors hold 25 shares each,” Ou said.
“While the directors representing SBDMC each hold 25 nominal shares, the true and legal ownership of these shares still remains with SBDMC,” Ou said.
Ou issued the clarification after Manila-based lawyer Raymund Palad accused Eisma of dishonesty and gross misconduct.
Palad, in a complaint filed at the Office of the Ombudsman, claimed that Eisma violated the Anti-Graft and Corrupt Practices Act and the Code of Conduct and Ethical Standards for Public Officials and Employees.
Not unusual
Palad was legal counsel for Chief Insp. Melvin Madrona, a Quezon City police officer who had been sacked after allegedly beating up a motorist brought to a precinct for traffic rule violations.
Palad was also lawyer for actress Katrina Halili against Dr. Hayden Kho.
In an earlier statement, Eisma said she represented the SBMA’s interest in Teco as a nominal shareholder.
She said this was not the first time that an SBMA official held shares and sat as a director in the company. — ALLAN MACATUNO