Suit versus Omico officials dismissed

MANILA, Philippines–A Manila court has dismissed a complaint for obstruction of justice filed against two top officers of publicly listed mining and real estate development firm Omico Corp. in relation to an aborted property project.

In a disclosure to the Philippine Stock Exchange on Wednesday, Omico said it had received an order dated Aug. 29 from the Metropolitan Trial Court of Manila dropping the lawsuit against Omico chair Tommy Kin Hing Tia and treasurer Juana Lourdes Buyson.

This case stemmed from the informal complaint filed by an estranged business partner Domingo Guevara in 2010 before the National Bureau of Investigation (NBI) against the board of Omico alleging syndicated estafa relative to the shelved Makati joint venture project with the Guevaras.

The disclosure said that in connection with the investigation, the NBI had requested for documents related to Omico’s increase in paid up capital in 1996. Omico submitted to the NBI the Securities and Exchange Commission certificate of increase of capital stock dated Sept. 6, 1996, including the list of 16 private placement investors consisting of individuals and stock brokers.

“However, the NBI adamantly insisted on a 1997 increase of capital stock when in truth and in fact there was no such increase in 1997,” the disclosure said.

“Consequently, the filing of cases for graft and corrupt practices, disbarment and malicious prosecution against the Department of Justice prosecutor who maliciously instituted the case against the officers of Omico is being prepared,” it said.

Omico said its past and present directors had received a subpoena from the Makati City prosecutor in relation to allegations of syndicated estafa arising from the same project in Makati.

Omico, however, said there was “no cause for complaint,” noting that the funds raised by Omico pursuant to the aborted joint venture agreement had come from its stockholders and had remained with the company.

It added that Omico had “the unabridged right to dispose of its own funds in a manner that its stockholders deem fit.”–Doris C. Dumlao