Robbie Antonio leaves Century Properties after unicorn’s troubles | Inquirer Business
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Robbie Antonio leaves Century Properties after unicorn’s troubles

/ 04:01 AM February 23, 2021

Businessman Jose Roberto “Robbie” Antonio has stepped down from the management team and board of Century Properties Group Inc. (CPG) on the heels of a controversy surrounding his own housing design firm, Revolution Precrafted Properties Inc.

In a special board meeting on Monday, CPG’s board accepted Antonio’s resignation as co-managing director and member. This will take effect immediately.

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“The board noted that the reason for his resignation is to allow him to focus on addressing the pressing issues in his own company and its allied businesses,” CPG disclosed to the Philippine Stock Exchange on Monday.

By quitting CPG, a company founded by his father and led by the family, Antonio seeks to insulate the publicly listed firm from Revolution Precrafted’s current woes.

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Antonio, 44, was involved in managing projects in CPG’s luxury product line, including Milano Residences and Trump Tower Manila.

He graduated with a Bachelor’s Degree in Economics from Northwestern University and obtained his Masters Degree in Business Administration from Stanford University. He joined CPG in 2009 after spearheading Antonio Development in New York City, which developed the luxury condominium Centurion, located on 56th Street between 5th and 6th Avenue.

Based on earlier media reports, a group of contractors and suppliers filed a complaint with the National Bureau of Investigation (NBI) alleging that Revolution Precrafted failed to honor various contractual obligations.

The erstwhile high-flying startup had claimed the tag “unicorn,” or a new company valued at $1 billion, when it obtained fresh equity in 2017. From offering prefabricated homes, it began to expand to traditional structures in 2018.

But Antonio had said Revolution Precrafted, like many companies, was not exempt from market challenges as the public health crisis had affected his company’s sales, collections and operations.

On Monday, Revolution Precrafted and its allied companies Resurgent (Corp.), Renegade (Branding Concepts) and Radiant (Beauty) said through their legal counsel that they continued to comply with their agreements.

“The company is ready to settle legitimate obligations which have fallen due and has no intention to renege on these legitimate contractual claims,” said lawyers Howard Calleja and Connie Jimenez-Aquino of the Calleja Peralta Jimenez San Luis Uy and Ulibas law firm.

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The company is likewise in the process of collecting what is due them from those that have also defaulted in their obligations to Revolution, according to the lawyers.

“The pandemic has activated force majeure stipulations in our contracts and has caused issues with our business transactions as it did with other industries. However, Revolution CEO Robbie Antonio and his companies Resurgent, Renegade and Radiant are still viable and active.”

The lawyers cautioned people and individuals against making any malicious and false statements against Antonio and his companies.

“We hope that we be allowed to fix the current situation without threats or intimidation, or else the company will likewise be forced to institute legal charges, both criminal and civil,” they said.

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TAGS: Business, Century Properties Group Inc. (CPG), Robbie Antonio
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