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John Hay firm head says 40% of dues paid

By: - Reporter / @JeromeAningINQ
/ 12:01 AM June 15, 2014

Camp John Hay Development Corp. (CJHDEVCO) chair Robert Sobrepeña yesterday slammed the decision of the Department of Justice to charge him with estafa over the company’s alleged failure to remit rent to the state-owned Bases Conversion and Development Authority (BCDA).

Sobrepeña, in a statement, warned that this would send the wrong signal to investors.

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He said that while his firm had paid 40 percent of its dues to government, only 25 percent of the government’s commitment has been delivered.

The denial of building and other permits resulted in CJHDEVCO being able to develop only 4 of 25 hectares, severely affecting income generation. Nevertheless, the company said it was able to remit P1.4 billion to the BCDA, or approximately 40 percent of all payments due.

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“A delay in the schedule of development would have a corresponding loss in projected revenue, although CJHDEVCO continued to earn revenue from existing projects,” Sobrepeña explained.

The BCDA, which leased Camp John Hay to CJHDEVCO in 1996, agreed to defer the collection of rent under two memorandums of agreement in 1999 and 2000.

The BCDA had claimed that CJHDEVCO misrepresented the state of its finances.

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TAGS: BCDA, Camp John Hay Development Corp., CJHDevco
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