Estafa raps filed vs execs of Iligan firm

Officials of a power distributor and its subsidiary in Iligan City have been charged with syndicated estafa for using “false pretenses” in the allegedly fraudulent acquisition of two power plants worth P380 million in 2011.

In a 26-page complaint, Iligan Light and Power Inc. (Ilpi) stockholder Uriel Borja claimed that the unlawful acts committed by the senior executives of Ilpi and its subsidiary, Mapalad Energy Generating Corp. (MEGC), resulted in undue power rate increase.

Charged were Ilpi president Ralph Casino, MEGC treasurer Milton Along, vice president Lorimer Abejuela and former MEGC director Marcelino Agana.

Also named respondent was Australian Andrew Harvey, the local representative of Malaysian firm Chase Power Ltd. (CPL) which allegedly facilitated the sale of two diesel-fed power plants from Sumitomo Industry Co. Ltd. to Ilpi.

“MEGC acquired exorbitantly priced dysfunctional power plants from CPL … which required it to engage and pay other contractors and caused its cost to skyrocket,” Borja said.

In blocking the agreement, Borja said Ilpi and MEGC officials failed to explain the reasons for the more than 300-percent rise in the acquisition cost of the power plants.