GMA Network Inc chairman Felipe L. Gozon on Wednesday said the P1 billion that San Miguel Corporation (SMC) president Ramon S. Ang gave a down payment for a stake in the broadcast company is “intact and has not been used.”
"The Gozon Group has the right to retain it to answer for its claims for damages against Ang among others for opportunity loss, pursuant to law and the term sheet, as Ang prevented the transaction from conclusion and closing, by his unilateral decision not to proceed with the transaction and his imposition of new conditions after the purchase contract was perfected on March 21, 2015," Gozon said in a statement.
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