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Wenceslao vows to block sale of Aseana land

12:10 AM May 27, 2016

The Wenceslao group seeks to block any attempt of the consortium of British fund Ashmore and businessman Eric Recto to sell the 10-hectare property in Aseana City that was earlier accepted as part of a settlement deal with the Alphaland group.

But Recto, who chairs Bedfordbury Development Corp., said he was not aware of any plan to sell this parcel of land in the first place.

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Bedfordbury is the joint-venture company of Recto and Ashmore.

While the Wenceslaos are entitled to their opinion, Recto said: “Maybe they know something I don’t—such as Bedfordbury selling its 10 hectares of land?”

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“We’re still waiting for them to perform on their obligations under the joint venture agreement,” Recto said.

Under the joint venture agreement—which is part of the assets and attendant liabilities that Bedfordbury obtained following an out-of-court settlement with the Ashmore group—the Wenceslao group must contribute 22 hectares to the marina bay venture.

In a statement Thursday, the Wenceslao group said Bedfordbury could not sell the 10 hectares in the marina project.  The group claimed that its rights, including a prior written consent, had been ignored in the compromise deal.

The Wenceslao group said in a statement that it would “continue to fight for its rights and protect its legal interests.”

The project is dead, said Wenceslao, adding that “Bedfordbury cannot own the 10 hectares much less sell it.”

The marina project was a joint venture with Alphaland contributing 10 hectares and Wenceslao contributing 22 hectares.  In an earlier statement issued in reaction to the Wenceslaos’ claims, Alphaland said it was the Wenceslao group that was “significantly delinquent” in delivering its obligations under the soured joint venture agreement.  It had said that the group had failed to, among others, deliver additional four hectares that would complete the 32-hectare Bay City development.

The project and the 32 hectares of land equity were in effect owned by the joint venture company, Alphaland Bay City Corp.

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As far as the Wenceslao group is concerned, the partnership with Alphaland started to turn sour after the former found out that Alphaland was mortgaging the 10 hectares without its knowledge and consent. The Wenceslao Group did not give its consent, arguing that the loan would benefit only  Alphaland.

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