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Ownership of Meralco Securities Corporation was placed under a newly created shell company called the Meralco Foundation, Inc., controlled by Marcos' brother-in-law Benjamin Romualdez, [9] which made a downpayment of about $1,500 for a "very minimal" total sale price of about $28 million (200 million pesos at the prevailing rate). Installment ...
So on June 8, 1961, Tegen and Villanueva signed a preliminary agreement between GPU and the Lopez Group. Lopez needed a new corporate entity to take over the Meralco assets. Two days after, Meralco Securities Corporation (MSC) was established. It was principally organized to acquire ownership of the Manila Electric Company and manage its business.
Alfredo Montelibano Montelibano Sr. (December 20, 1905 – August 19, 1989) was a Filipino politician and industrialist. He served as the first mayor of Bacolod in 1938, as military governor of Negros and Siquijor Islands from 1942 to 1945, and as Secretary of National Defense and Interior under President Sergio Osmeña from 1945 to 1946.
Romualdez managed to create a loophole in the terms of the agreement to prevent further payments. MERALCO was purchased through the Meralco Foundation, a private organization owned and managed by Romuladez. As soon as he acquired MERALCO, electric rates were increased by 100% and continually increased throughout his management. [2]
Manila Electric Company (Meralco) - acquired by the Lopez Group 1962 and developed into a power-distributing company. Between 2009 and 2012, the Lopez Group would reduce its 33.4% holdings in MERALCO by selling most of its shares to the First Pacific Group. [5] [6] [7] Since 2012, the Lopez Group's maintains a 3.95% interest (one board seat) in ...
The scandal originated from the Meralco and GSIS row after Sabio—in a letter-complaint against Justices Vicente Roxas and Bienvenido Reyes—complained of the circumstances that he was removed from the GSIS–Meralco case after a standard court reorganization, and an alleged bribe attempt by Manolo Lopez and Meralco in consideration for him ...
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BPI Escolta Sta. Cruz branch at Plaza Santa Cruz, Manila which occupies the Don Roman Santos Building, former head office of Prudential Bank. The Bank of the Philippine Islands (Filipino: Bangko ng Kapuluang Pilipinas; Spanish: Banco de las Islas Filipinas, commonly known as BPI; PSE: BPI) is a universal bank in the Philippines.