Monday, August 3, 2015


Business tycoon Ramon S. Ang filed estafa charges against GMA Network Chairman and CEO Felipe Gozon and his family members for allegedly swindling him of P1 billion in their talks for Ang to buy shares in the TV network.

In a 19-page complaint filed with the Department of Justice on July 27, Ang accused Gozon and 9 other GMA stockholders of committing syndicated estafa. The crime is a non-bailable offense.

Ang said the Gozons never returned his P1-billion downpayment for his planned purchase of 34% of GMA7’s shares – despite an agreement stipulating a return of the money should negotiations eventually fail.

The talks between both sides collapsed in June. GMA Network announced the breakdown of negotiations through a disclosure at the Philippine Stock Exchange, catching Ang by surprise.

He dropped hints then that he was considering legal action. “I am consulting with my lawyer and I am awaiting for an explanation."

Aside from the Gozon patriarch, also charged were the family members of the Gozon group of the FLG Management Corp. namely Felipe M. Gozon Jr., Anna Teresa Gozon-Abrogar and Ismael Augusto S. Gozon. Other respondents to the case were stockholders of GMA Network Belinda G. Madrid, Ma. Erlinda G. Gana, Jaime Javier Gana, Florencia Gozon Tarriela, Edgar Tarriela and Tricia T. Valderrama.

Ang spared other GMA7 major stockholders in the complaint, such as Menardo R. Jimenez Sr. of the Jimenez group and Gilberto R. Duavit Jr. for the Duavit group, because he said both parties indicated their intention to return the downpayment.

Ang, CEO of conglomerate San Miguel Corporation, alleged that all the elements of estafa are present in the case. “First element: Money received in trust or under obligation to return the same; Second element: Misappropriation or conversion of such money by the offender; Third element: Prejudice or damage and; Fourth element: Demand.”

The businessman argued: “It is public knowledge that prior to the transaction with the undersigned complainant (Ang), the respondents had also sought investments from other people, most prominently Mr. Manuel V. Pangilinan of Metro Pacific Investments. After the transaction with Mr. Pangilinan did not push through, the respondents negotiated with the complainant (who is obviously a member of the general public). While the sale to the complainant likewise failed to push through, respondents succeeded in defrauding him of his Php 1 Billion Downpayment which respondents misappropriated."

Check in Gozon's name

Ang said the manager's check that he paid amounting to P1 billion was in the name of the Gozon patriarch.

The case is yet another twist in the Ang-GMA saga.

As early as June 2014, Ang announced that the planned acquisition of at least 30% stake in GMA was a done deal. The shareholders of GMA and Ang were in fact looking at signing the purchase agreement as early as November 2013.

The breakdown in talks last June 2015 was the fifth time that the broadcast giant terminated acquisition talks with a possible investor; and analysts said it could be because of a higher offer or a price no one can afford.

Some stock analysts speculated that the broadcast network might want more than what Ang had offered. (READ: Why Ang-GMA talks collapsed)

In Ang's complaint before the DOJ, he cited the so-called term sheet containing the obligation for both sides to negotiate in good faith during the "exclusivity period" covering the negotiations.

The exclusivity period was originally until April 20, 2014 and extended until June 30, 2014 and was further extended – through mutual consent – until it finally ended on November 15, 2014, according to Ang.

Following the exclusivity arrangement, Ang said he deposited P1 billion as his downpayment through a manager's check payable to Gozon, who shall hold the money in trust for the othe major stockholders, Ang said.

“It was also expressly agreed that in the event the terms and conditions of the Transaction Documentation are not finalized and concluded by the parties within the Exclusivity Period, the Downpayment *shall be returned to the Purchaser *not later than three (3) working days from the expiration of the Exclusivity Period without need of any further notice or demand,” Ang said.

The Gozons never returned the money, he claimed.


oakleyses said...

christian louboutin uk, nike free, polo outlet, oakley sunglasses, nike free run, longchamp outlet, longchamp pas cher, christian louboutin outlet, oakley sunglasses, burberry pas cher, ugg boots, louis vuitton outlet, longchamp outlet, christian louboutin shoes, nike air max, louboutin pas cher, oakley sunglasses wholesale, michael kors pas cher, longchamp outlet, jordan pas cher, louis vuitton outlet, gucci handbags, ray ban sunglasses, ray ban sunglasses, oakley sunglasses, replica watches, tory burch outlet, louis vuitton, nike roshe, tiffany jewelry, louis vuitton outlet, kate spade outlet, prada handbags, polo ralph lauren outlet online, ray ban sunglasses, nike outlet, nike air max, christian louboutin, air max, prada outlet, louis vuitton, chanel handbags, uggs on sale, polo ralph lauren, replica watches, cheap oakley sunglasses, jordan shoes, ugg boots, tiffany and co

oakleyses said...

replica handbags, coach outlet, uggs outlet, true religion outlet, nike tn, mulberry uk, hollister pas cher, ray ban pas cher, nike free uk, hollister uk, michael kors outlet, timberland pas cher, true religion jeans, michael kors outlet online, nike air max, oakley pas cher, polo lacoste, hogan outlet, converse pas cher, burberry outlet, nike roshe run uk, sac vanessa bruno, coach outlet store online, uggs outlet, michael kors outlet, michael kors, north face, michael kors, nike air max uk, michael kors outlet online, ray ban uk, abercrombie and fitch uk, guess pas cher, sac hermes, lululemon canada, north face uk, nike air max uk, true religion outlet, vans pas cher, michael kors outlet online, nike blazer pas cher, burberry handbags, true religion outlet, nike air force, michael kors outlet online, ralph lauren uk, kate spade, coach purses, michael kors outlet

oakleyses said...

abercrombie and fitch, soccer jerseys, iphone cases, ralph lauren, vans outlet, converse outlet, jimmy choo outlet, mcm handbags, ferragamo shoes, lululemon, wedding dresses, hollister, new balance shoes, reebok outlet, north face outlet, soccer shoes, insanity workout, oakley, longchamp uk, nike air max, gucci, nike trainers uk, herve leger, mont blanc pens, vans, beats by dre, nfl jerseys, giuseppe zanotti outlet, valentino shoes, ray ban, nike air max, hollister clothing, p90x workout, converse, bottega veneta, babyliss, chi flat iron, instyler, hermes belt, louboutin, north face outlet, nike roshe run, baseball bats, nike huaraches, hollister, mac cosmetics, asics running shoes, timberland boots, ghd hair, celine handbags

oakleyses said...

thomas sabo, barbour uk, pandora jewelry, barbour, karen millen uk, ugg uk, canada goose, moncler, canada goose outlet, louis vuitton, ugg,ugg australia,ugg italia, pandora uk, pandora charms, louis vuitton, doudoune moncler, canada goose, louis vuitton, montre pas cher, ugg pas cher, canada goose outlet, marc jacobs, supra shoes, canada goose outlet, moncler, replica watches, canada goose jackets, louis vuitton, links of london, canada goose uk, coach outlet, moncler, juicy couture outlet, lancel, juicy couture outlet, ugg, swarovski crystal, moncler outlet, toms shoes, louis vuitton, moncler outlet, wedding dresses, canada goose, hollister, swarovski, moncler, ugg,uggs,uggs canada, pandora jewelry, moncler uk


My Blog List


Related Posts with Thumbnails