MANILA, Philippines–The Wenceslao group is opposing the transfer by property Alphaland Corp. of the latter’s interest in their disputed Marina Bay venture to a group led by British fund Ashmore.
Alphaland, for its part, shrugged off the Wenceslaos’ claim, noting that latter had “no valid basis” to object to the settlement agreement between Alphaland and Ashmore’s Aland Singapore Group.
The disputed transfer is part of the reported out-of-court settlement entered into by Alphaland, which transferred certain assets, together with all attendant liabilities, to Bedfordbury Development Corp.—the joint venture company of Ashmore and its new local partner Eric Recto.
In a statement, the Wenceslao group said Alphaland had failed to notify, and therefore get the consent of the group, that it was unilaterally transferring its interest in their joint venture to build a marina project in Aseana City as payment to Ashmore.
“We have the right of first refusal over the subject shares and, in effect, the property of ABC. We were not notified at all to allow us to decide whether we would exercise our rights or not. Absent this notice, there was no way we could have consented to the transfer,” Wenceslao said.
The group also lamented that Alphaland had put in escrow Wenceslao’s titles without its knowledge and consent, apparently as part of its agreement with Ashmore. “Alphaland had no right to do that since Alphaland does not own those properties. Those titles had nothing to do with any agreement between Alphaland and Ashmore. We will exercise all legal remedies on this to protect our interests and we are prepared to go all the way to the Supreme Court,” it added.
The Wenceslao group said its relationship with Alphaland had turned sour after it found out last year that Alphaland was mortgaging the 10 hectares of property contributed to their joint venture without its knowledge and consent. It claimed that the property developer had also put up two new corporations that gave it sole control of the marina project.
Reacting to the Wenceslao group’s statement, Alphaland said the claims were “inaccurate and misleading.”
“As far as the Alphaland Group is concerned, the settlement agreement between Alphaland and the Aland Singapore Group/Ashmore Group has been legally completed,” Alphaland said.