Biz Buzz: Behind enemy lines
The legal drama involving this white elephant property has taken so many twists and turns.
A businessman who was booted out of a property that he had occupied for many years (ended only by a court ruling which he likely didn’t expect) inadvertently left behind a massive inventory alongside stacks of office documents that some people are now trying to retrieve from the landlord at all cost.
We heard that someone tried to bribe the landlord’s chief of security with a glittering eight-digit monetary reward but the ex-military man was just too decent. Not only did the chief of security turn down the generous offer, he reported the incident and fortified the defenses of the perimeter.
More than the merchandise left on the ground, could there be documents that are too precious or too damning to leave behind enemy lines?
Meanwhile, another company has intervened in the court proceedings as a third party claiming ownership of the inventory. But in doing so, it has only involved itself into the main legal battle as its corporate veil is now being “pierced” by the landlord. The independence of this company is under question, especially as the key person behind this “third party” is reported to have close personal ties with the businessman.–Doris C. Dumlao
Protectionist plea junked
The application of Puyat Steel Corp. for the imposition of safeguard measures against galvanized iron (GI) and prepainted galvanized (PPG) iron sheets and coils imports was dismissed at the preliminary determination level by the Department of Trade and Industry.
The application was vigorously opposed by local manufacturers that claimed the application did not protect the interests of the local GI and PPG industry as a whole. A positive finding would have meant an increase in tariffs for imported GI and PPG products.
In the DTI’s order issued recently, Trade Secretary Gregory Domingo determined that, far from there being any danger to the local industry, Puyat Steel has shown “robust operations during the period of increased imports.”
“Specifically their raw material importations continuously increased,” the order said. “Their combined sales volume have been on an upward trend. Their gross profits increased from 2011 to 2012 and the January to August 2013 level is almost 82 percent of 2012. Net profits were also recorded.”
Naturally, oppositors to the application agreed.
“The imposition of safeguards is a drastic measure that requires the showing of serious injury to the local industry,” said international trade lawyer Miguel Silos, counsel to one of the importers. “In this case, the DTI simply found the numbers didn’t substantiate the claim of injury.”–Daxim L. Lucas
Shangri-La at The Fort
With its marked success in the hotel industry and the residential condominium development segment, Shang Global City Properties Inc. has embarked on a first-of-its-kind hybrid called Horizon Homes.
Horizon Homes is built by the Shangri-La group and homeowners buy into the concept of living in a Shangri-La-managed home.
Horizon Homes will be located on the top portion of the Shangri-La at the Fort, a mixed-used property that includes not just the high-end residences, but also the hotel, a retail center and a health club facility—all of which create an enhanced lifestyle for visitors and homeowners alike.
All the components of the property will be managed by Shangri-La, under one general manager, John Rice, who is tasked with ensuring the high standards the brand has come to stand for.
What’s more, Shangri-La has worked in close collaboration with key players in retail, dining, entertainment and recreation within The Fort in order to create harmonious synergies, setting the foundation for The Shangri-La at the Fort’s rise as an integral part of the bustling cityscape, according to people familiar with the project.–Daxim L. Lucas
New Geri chief
After nearly 25 years of serving the company, Global-Estate Resorts Inc. (Geri) president Ferdinand Santos is retiring as he turns 65 this year.
“I’ve been privileged to serve as president of the leading developer of master-planned integrated tourism estates in the Philippines,” Santos said. “After more than two decades as president of the company, it’s time to transfer Geri’s operational helm to a new and younger generation.” Santos will remain director of the company and serve as an adviser to management after retiring as president.
Santos was credited for steering the property company, which was formerly under the Fil-Estate group, through the boom-and-bust cycle following the Asian and global financial crises until its resurgence as Geri after tycoon Andrew Tan’s Alliance Global Group Inc. acquired a majority stake in the company in 2011.
To succeed Santos, Tan has anointed a lady lawyer who has 15 years of experience in real estate to head Geri. Monica Salomon, the new chief, previously headed Megaworld Corp.’s corporate management division and spearheaded strategic real estate acquisitions. She is also a member of Megaworld’s management executive committee.
Before joining Megaworld, Salomon worked as an associate at the Accra law office and was legislative staff assistant to then House Rep. Raul Roco. Salomon is an alumnus of the University of the Philippines College of Law where she graduated in 1994 with honors.–Doris C. Dumlao
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