ARTHALAND Corporation maintained that buying the Batangas property for P9.7 million is above board.
The corporation issued the statement after the Philippine Deposit Insurance Corporation (PDIC) filed before the Department of Justice (DOJ) a complaint for syndicated estafa against former officials of Export and Industry Bank (EIB) and two officials of Arthaland.
“Arthaland bought the subject properties in Batangas for P9.7 million and fully paid Export and Industry Bank (EIB) for them in 2011. Arthaland’s operations and projects remain on track and unaffected,” Arthaland said in a statement.
“It is Arthaland’s policy and practice to conduct its business in compliance with all laws, adhere to the principles of good governance, and keep all its transactions above board.”
“We will monitor the case as management prudence dictates,” it added. AC