Alphaland Corp. made good its threat to sue former Makati City vice mayor Ernesto Mercado when it filed on Tuesday a P100 million damage suit before the Makati City Regional Trial Court.
The firm said another criminal case for libel will be lodged against Mercado when
Alphaland Chairman Roberto Ongpin returns to the country from South America in about two weeks.
The company sad Ongpin will personally swear to the complaint affidavit against Mercado.
The damage suit stemmed from Mercado’s claims that the company gave a P200 million “kickback” to Vice President Jejomar Binay in connection with the Alphaland-Boy Scouts of the Philippines (BSP) deal.
Alphaland, through its president Mario Oreta, has debunked Mercado’s allegations.
Oreta vehemently denied Mercado’s accusation, saying that the Alphaland-BSP deal over the development of a one hectare property at the corner of Malugay Street and Ayala Avenue Extension in Makati City was above board.
Oreta maintained that the project, now dubbed as the Alphaland Makati Place project (consisting of a six-story podium and three residential towers), is one of the BSP’s best investment decisions.
The project is now worth more than P21 billion. Thus, the BSP’s 15 percent share in said project is now worth about P3 billion, or five times its original investment value of P600 million, Alphaland said.
Oreta pointed out that it was Mercado who hinted at “benefits” due him when he negotiated and signed the agreement with Alphaland.
Alphaland said it is determined to ensure that “Mercado will suffer the strongest penalties provided by law, both under civil and criminal proceedings, for making these malicious and baseless accusations, without any evidence whatsoever.”