Idled Makati condo project leads to estafa raps

Owners of a long-vacant prime property in Makati City have filed a complaint for syndicated estafa against a mining exploration and realty development firm which supposedly agreed to be their partner in constructing a condominium building in the area 19 years ago.

Guevent Investments Development Corp. (GIDC) and Honeycomb Builders Corp. (HBI) submitted a 22-page complaint affidavit on July 24 accusing Omico Corp. and its board of directors led by board chair Tommy Kin Hing Tia of conspiring to commit estafa.

Amado Valdez, the complainants’ counsel, said the case stemmed from Omico’s alleged refusal to proceed with the construction of a mixed-use condominium project on the 4,959-square-meter property at the corner of Edsa and Chino Roces Avenue.

This refusal was a clear violation of the joint venture agreement (JVA) that Omico and the complainants signed in 1995, Valdez told the Inquirer.

Omico should have completed the condominium project 36 months after the agreement was signed on Sept. 26, 1995.

Omico officials could not be immediately reached for comment. Maricar B. Brizuela