BIZ BUZZ: Where’s the John Hay money?

MANILA, Philippines – The Camp John Hay group led by businessman Robert John Sobrepeña posed the question as it has yet to receive the P1.45 billion that it is entitled to after they vacated the former American rest and recreation base upon takeover by the Bases Conversion and Development Authority (BCDA) in January this year.

To recall, the Supreme Court ruled with finality in December 2024 to reinstate an arbitration ruling that voided the John Hay development lease that the government had struck in 1996 with Sobrepeña-led Camp John Hay Development Corp. (CJHDevco).

Based on that ruling, BCDA recovered the prime Camp John Hay property along with improvements, but then it was also supposed to reimburse the developer’s investments over the past 16 years, amounting to P1.45 billion.

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CJHDevco had pressed the Commission on Audit for the payment in December 2024, as the money could be used by the group for its other projects that include property development, renewable energy development and infrastructure.

But so far, the group is still waiting with bated breath for the check.

Sobrepeña laments that they turned over the Camp John Hay property when they were told with finality to do so—sans any drama, he says —but then the government is yet to fulfill its part of the agreement.

But since it has been proven time and again that it is not wise to fight city hall, Sobrepeña has no choice but to sit and patiently wait for what they feel is due them.

And for them, what they are supposed to receive is far higher than P1.45 billion, given the extra interest payments, penalties and legal fees.

Will they get their due soon? Abangan! —Tina Arceo-Dumlao

No, Razon is not peddling investments

If you have watched a video of port tycoon Enrique Razon Jr. selling some sort of investment, don’t fall victim. It is a deepfake—or a manipulated video—that aims to trick an unsuspecting audience.

Razon’s International Container Terminal Services Inc. (ICTSI) issued this warning to the public on Thursday.

“The fraudulent materials, which have appeared on social media, falsely portray Mr. Razon promoting investment opportunities. These claims are entirely untrue,” ICTSI said.

“The scam content is designed to appear convincing and may include offers that seem legitimate. ICTSI emphasizes that these are not authorized and are intended to mislead viewers,” it stressed.

The Razon Group told the public to verify claims through official channels and report suspicious content.

The company also reminded everyone to never share personal information with unfamiliar sources. —Tyrone Jasper C. Piad

Trouble brewing at Premiere Horizon

Annual stockholders’ meetings are usually predictable affairs, with the board, management and shareholders quickly going through the items on the agenda until the meetings are adjourned.

But they can also be quite contentious, such as when warring parties are present to sway the majority of stockholders to approve—or disapprove—proposed management acts.

The stockholders’ meeting of Premiere Horizon Alliance Corp. scheduled for Friday promises to come with some drama, as former president and shareholder Augusto Antonio Serafica Jr. has expressed concern over management’s plan to, among others, install a new external auditor.

Serafica said in a March 26 letter to the Securities and Exchange Commission (SEC) that “the sudden removal of an independent auditor—especially under vague pretenses—raises serious governance concerns and could be part of a broader effort to diminish oversight.”

He thus requested the SEC to have a representative during the special stockholders’ meeting to make sure that the votes are counted the right way, especially since some proxies are held by brokers.

Serafica has other concerns that may be raised at the meeting, so let’s see how that will turn out. —Tina Arceo-Dumlao