Search results
Results From The WOW.Com Content Network
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.
He was vice president and general counsel of Meralco Securities Corporation from 1972 to 1973. He was a solicitor in the Office of the Solicitor General from 1956 to 1966 and a special prosecutor of the Department of Justice from 1963 to 1964.
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 ...
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.
In 2001, an 18-year-old committed to a Texas boot camp operated by one of Slattery’s previous companies, Correctional Services Corp., came down with pneumonia and pleaded to see a doctor as he struggled to breathe. Guards accused the teen of faking it and forced him to do pushups in his own vomit, according to Texas law enforcement reports ...
The Lopez group led by First Philippine Holdings Corp. has a 33.47% share interest in Meralco, while the Philippine government financial institutions own 33.32%. Other shareholders hold 34.21%. Other shareholders hold 34.21%.