Biz Buzz: Bad breakup

THIS high-ranking executive of a big property firm can easily steal the hearts of women.

He’s rich, good-looking and highly educated. And people say he has an eye for beautiful women, causing a lot of distress to his wife over the 15-year period that they lived under one roof.

Now, what was kept as a domestic squabble is set to erupt into an ugly legal battle. As they say, hell hath no fury like a woman scorned.

The couple—both from Metro Manila’s economic elite—actually separated three years ago. Annulment is expectedly the next step, which both parties wanted anyway. But the bone of contention now, as in any case where large moolah is involved, is how to divide the conjugal assets.

It seems that the socialite wife, who had long complained but endured the hubby’s philandering propensity, wants to formalize the annulment and seek the separation of conjugal assets.

While the property executive has no qualms about getting their marriage annulled, there’s apparently a strong resistance to the division of assets.

The wife, who does not relish hearing about how the hubby is spending big money on other ladies (he is now reportedly living with another ex-model), is gearing up for one big fight in the courts, according to the grapevine. She is going after her share of conjugal wealth, which apparently includes some inheritance from her parents. However, there’s also concern from the wife’s party that this property executive may use his knowledge of the law to hide these assets.

Whether or not there’s a chance for an equitable settlement of this rich couple’s assets, only time can tell. But in the meantime, expect a lot of fireworks. Doris Dumlao-Abadilla

Watering hole

THIS stockbroker loves wine so much that he decided to make a side business out of it, targeting the same moneyed clientele.

Tucked away somewhere in the Makati central business district is Monopole, which prides itself with a highly curated wine list put together by this stockbroker cum wine aficionado (who eschews publicity).

The beverage selection includes Bordeaux First Growths, California cults and other iconic labels with prices going as high as P80,000 a bottle. The club uses no less than glassware from Zalto, the finest and lightest hand blown crystal in the market (each piece sells for $80). This watering hole also features contemporary art work that is being rotated.

But this place is, by design, for a discerning few. Seating capacity is a meager 17, mostly filled by wine collectors, wine enthusiasts, stockbrokers and many of the who’s who in the business community. We heard that this is where deals can be hatched over cocktail hours. Doris Dumlao-Abadilla

SEC in Galleria

THE SECURITIES and Exchange Commission on Tuesday opened a new satellite office—the third of its kind in shopping malls—at the fourth floor of Robinsons Galleria. It is a 40-square-meter office that will offer frontline services, including filing of the general information sheets and audited financial statements, articles of incorporation and any amendments.

At the inauguration of the new satellite hub Tuesday, Robinsons Land Corp. president Frederick Go welcomed the SEC to the Galleria mall, one of RLC’s best performing shopping hubs. Go added that this government agency was close to his heart as he reminisced his days as a business reporter covering the SEC years ago (back when the Gokongwei group still owned Manila Times).

Some people wonder why the SEC set up such a new hub just across from its main headquarters in Ortigas, but as SEC Chair Teresita Herbosa pointed out, the SEC would vacate the Ortigas headquarters soon. The plan is to temporarily transfer to the Philippine International Convention Center (closer to other government offices), but eventually build its permanent office tower in Bonifacio Global City. The satellite office in Galleria will thus allow the SEC to maintain some presence in Ortigas in the future.

But even when the SEC has yet to move out of the old building (identified as an earthquake hazard), having the Galleria satellite office is seen to decongest foot traffic in the existing headquarters.

For the rest of the year, Herbosa said the SEC was on track to open five of such satellite offices, which are part of efforts to make it easier to do business in the Philippines. Another office will be opened in SM North Edsa and another in Alabang. At present, there are existing satellite offices in Ali Mall, Cubao and SM City Manila. Doris Dumlao-Abadilla

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