ALLIANCE Select Foods International Inc. (ASFII) posted on May 30 a disclosure on “joint complaint-affidavit (for syndicated estafa under Presidential Decree No. 1689 in relation to Article 315 (2) of the Revised Penal Code.”
The complaint was filed with the Department of Justice by Victory Fund Limited, Harvest All Investment Limited, Bondeast Limited and Hedy S.C. Yap Chua of Singapore.
Cited as respondents were Jonathan Y. Dee, Alvin Y. Dee, Joanna Y. Dee-Laurel, George E. Sycip, Teresita S. Ladanga, Grace S. Dogillo, Arak Ratborithan, Raymod K.H. See, Marie Grace T. Vera Cruz, Antonio Pacis, who are members of the board, and “Jane Does.”
The filing identified the complainants as shareholders of Alliance Select, “who allege that the respondents improperly used their investments in the company to engage in supposedly illegal activities and transactions.”
In their complaint, the Singaporean group claimed “alleged diminution of their property rights due to a supposedly deliberate dilution of their shareholdings in ASFII.”
As a result of the Filipino group’s alleged maneuver, the Singaporeans lost their seats in the ASFII board.
Alliance’s stock price, meanwhile, had dropped to a 52-week low of P0.57.
Pays and perks
HOW generous is businessman Lucio Tan?
The answer depends on whether or not the members of the board of Philippine National Bank are fully satisfied with what they receive in what the bank defines in a compensation filing as “monetary emoluments.”
These “monetary emoluments” are on top of non-cash benefits, fringe benefits and retirement benefits that other conglomerates also offer.
For this piece, Duediligencer is focusing on “monetary emoluments” such as basic pay, which PNB said is “reviewed annually and subject to the adjustment through merit increase effective July 1; bonuses equivalent to four months basic pay; allowances to cover business-related expenses, official travel, social and recreational activities; and service incentive in the form of cash award on the 10th, 15th, 20th, 25th, 30th and 40th year of service.
The actual numbers are available for the public to appreciate Mr. Tan’s generosity: PNB paid the 15-person board P44.95 million, or P2.99 million each in 2014, but which dropped to P41.95 million, or P2.8 million each in 2015.
In addition, PNB said its 15 directors are also among the bank’s highest paid executives. It grouped them with “all other officers and directors” who will receive in 2016 a total of P5.08 million, divided into P3.936 million in salaries and P1.143 million in bonuses.
In 2014, PNB paid the group P3.45 million consisting of salaries, P2.606 billion, bonuses, P843.789 million. The following year, it raised their salaries to P3.28 million and their bonuses topped the P1-billion mark for the first time at P1.012 billion.
5 highest paid execs
Being the president, Reynaldo A. Maclang leads the list of PNB’s five most highly compensated officers. The four others are Cenon C. Audencia Jr., Horacio E. Cebrero 3rd, Christopher C. Dobles and Nelson C. Reyes, who are all executive vice presidents.
In 2014, PNB paid Maclang and company P50.69 million in salaries and P12.042 million in bonuses for a total of P62.732 million. It raised their salaries to P58.903 million in 2015 and their bonuses to P14.5 million in 2015.
This year, PNB estimated their pays and perks at P94.3 million, divided into salaries of P70.7 million and bonuses of P23.6 million.
PNB had a P24.799 billion surplus based on its consolidated financial filing as of Dec. 31, 2015, which means, the amount includes the contributions of subsidiaries.
As parent, the tan-owned bank had a P16.019 billion surplus.
CEBU Air Inc., which belongs to the Gokongwei group of companies, has 605,953,330 outstanding common shares with P1 par value. On Aug. 11, 2015, it paid a P1.50 dividend per share to stockholders as of July 16, 2015, or a total of P908,929,995. By end-2015, it still had retained earnings of P16.662 billion based on an audited financial report.
Consistent profitability enabled Cebu Air to pile up retained earnings, which amounted to P13.181 billion in 2014. In the last three years, the Gokongwei-owned airline increased its comprehensive net income to P4.325 billion in 2015 from P.063 billion in 2014. In 2013, it recorded a net profit of P256.241 billion.
Cebu Air is a subsidiary of CPAir Holdings Inc., which holds 400.817 million CEB shares, or 66.15 percent. JG Summit Holdings Inc. holds 6.595 million CEB shares, or 1.09 percent.
A public ownership report classified 407.413 million CEB shares, or 66.436 percent, including insiders’ holdings. This leaves public stockholders with 198.541 million CEB shares, or 32.77 percent.