Philcomsat Holdings Corp. (PHC), a subsidiary of Philippine Communications Satellite Corp., has received P350 million as partial settlement in a collection case against Antonio Araneta and Ansear Realty & Development Corp.
The corporation expected to receive another P350 million by January 2017 as full settlement, PHC told the Philippine Stock Exchange on Friday.
The case stemmed from an unsecured loan of P125 million granted to Antonio in August 2000 by the executive committee of the corporation headed by Benito Araneta, Antonio’s first cousin, and Luis Lokin Jr. The loan was allegedly approved without board approval.
“The amount remained unpaid when current management took over the control and operations of the corporation in December 2007, for which reason the collection case was filed,” the disclosure read.
The collection case was filed before the Makati Regional Trial Court in 2010. PHC asked for P600 million as settlement of the loan, with interest and penalties. The court subsequently issued a writ of preliminary attachment on the defendants’ properties as security for the claim.
From 2004 to 2007, PHC was under the control of nominees of the Presidential Commission on Good Government. PHC accused the nominees of mismanagement, of investing in failed ventures, and dissipating funds estimated at over half a billion pesos.
PHC was incorporated as Liberty Mines Inc. in 1956, initially embarking on the discovery, exploitation, development and exploration of oils and minerals.