The personalities behind the businesses that Tiu is suing — Martin and Daniel Subido, and Edgardo Lacson — have lengthy been related to the Binay household. Tiu himself was as soon as accused of being a Binay dummy.
MANILA, Philippines – Businessman Antonio Tiu has gone to courtroom to reclaim 750 million shares of his holding firm Greenergy, alleging that his former enterprise companions — longtime pals with ties to the Binay household — “duped” him out of P187.5 million after failing to pay for the shares.
Tiu, by way of his firm Earthright Holdings, has filed a civil case in opposition to Greenergy Holdings and MIS Maritime Holdings (MIS) to cancel a deal the place he gave up 750 million of his partially paid frequent shares in Greenergy.
The 2023 settlement assigned Tiu’s 750 million Greenergy shares to MIS for P187.5 million. MIS was additionally obligated to pay the extra P562.5 million wanted to totally cowl the subscription. However Tiu claims that though he signed an acknowledged receipt for the P187.5 million, he by no means truly acquired the cash.
“Mr. Tiu solely signed the mentioned paperwork believing in good religion and trusting [Edgardo Lacson] and [Daniel Subido] that the consideration for the switch of the Topic Shares would finally be acquired by Earthright,” learn a duplicate of the grievance obtained by Rappler.
Tiu’s grievance additional alleged that there was no intention to pay the quantity since MIS “was already closing and ceasing its operations efficient final October 30, 2022.”
What led to this deal within the first place? Months earlier than, Tiu had begun to divest administration tasks after he was shortlisted for the place of agriculture secretary.
Earlier in November 2022, Tiu had nominated Martin Subido to “briefly substitute” for him as chairman of Greenergy, together with his brother Daniel appearing as chief govt officer. A little bit later in January 2023, Lacson and Martin Subido satisfied Tiu to “briefly resign as director of Greenergy and assign his shares to them in blind belief.”
Tiu had identified Martin and Daniel Subido since their faculty days collectively, whereas he had labored with Lacson for 10 years.
“They had been at all times working for me for many years,” Tiu instructed Rappler in an interview on Thursday, August 15. “It’s actually a giant shock.”
Later in 2023, Daniel Subido persuaded Tiu to assign the shares for P187.5 million, which Tiu supposed to make use of to settle his firm’s obligations and liabilities. This included a P15 million obligation with Maybank Securities and a P33.6 million obligation with China Financial institution Securities — obligations which Tiu’s firm Earthright have since defaulted on.
“At the moment, they had been convincing me na bilhin na lang nila. E inisip ko, if the worth is correct, okay lang. So [they] ready [the receipt]. Kinuha nila lahat. Tapos, nasaan ‘yung bayad?” Tiu mentioned. “Nakuha na nila itong 750 million shares without spending a dime. Ngayon, pinipilit nila na ibagsak na ‘yung share worth.”
(At the moment, they had been convincing me to allow them to purchase [the shares]. I assumed, if the worth is correct, that’s okay. So [they] ready [the receipt]. They acquired all the things. Now, the place’s the fee? They acquired 750 million shares without spending a dime. Now, they’re forcibly driving down the share worth.)
Binay connection?
The personalities behind the businesses that Tiu is suing — Martin and Daniel Subido, and Edgardo Lacson — have lengthy been related to the Binay household.
Each Martin and Daniel Subido are senior companions at Subido Pagente Certeza Mendoza & Binay Regulation Places of work, the regulation agency co-founded by former vp Jejomar Binay. Martin Subido served as a lawyer of Jejomar Binay and, at one level, was a regulation agency associate of then-Makati lawmaker Abigail Binay. Daniel Subido was the authorized counsel for the Workplace of the Vice President. In the meantime, Lacson sat because the secretary for the JC Binay Basis and as soon as joined the official delegation of the previous vp to a visit in Germany.
Tiu himself has ties to Jejomar Binay, together with his youthful brother James having donated hundreds of thousands to his vice presidential marketing campaign.
For months in 2014, Tiu figured on the middle of a grueling Senate investigation into corruption allegations in opposition to former vp Binay. Lawmakers highlighted his hyperlink to the so-called “Hacienda Binay” in Rosario, Batangas. The 150-hectare property is listed below the possession of Sunchamp Actual Property Improvement Corp., which is in flip majority owned by Tiu’s Greenergy and minority owned by Tiu straight.
The businessman was additionally accused of being a dummy for the Binays, which he has denied.
“Na-Senate ako due to that Hacienda Binay kaya medyo dumapa ako. Sila naman, dahil naging mayor si Abby, sila naman ‘yung umangat,” Tiu instructed Rappler.
(I used to be known as to the Senate due to that Hacienda Binay, which led me to fall a bit. However, they rose up as a result of Abby [Binay] turned mayor.)
Tiu’s case, now filed in a particular industrial courtroom in Bulacan, pits him in opposition to former shut pals and will reopen the can of worms across the Hacienda Binay controversy.
“GREEN’s story won’t ever be full with out us speaking about Hacienda Binay. Let’s open the books & discuss alleged irregularities. Again to Senado (Senate)? AMLC? BIR?” Tiu mentioned in a social media put up on Thursday. – Rappler.com
