Boulevard Holdings Inc. (BHI) said it is filing a third-party complaint to keep its Fridays Resort property from being “illegally” sold at a public auction, warning of losses should the court proceedings drag on.
In a disclosure to the Philippine Stock Exchange on Friday, Jose Panlilio, BHI chairman, said the company recently discovered a notice of public auction for the 1,477-sqm property in Boracay Island has been posted at the lobby of the Hall of Justice of Quezon City.
The writ of execution, a preliminary step for a public sale on March 7, was issued by Judge Edgardo Bellosillio of the Quezon City Regional Trial Court, Branch 95.
Boulevard Holdings regained control of Fridays Boracay in March last year.
“Thus, we are filing as third party claimant at the QC [court]. . . [We] will also go to the Ombudsman for the criminal cases against court persons, [Ambassador Amable] Aguiluz and Mila Yap . . .” Panlilio said.
The disputed property was awarded by a Makati City court to the Panlilio-led BHI in 2008, after the company was able to prove that full payment of the purchase price was made in favor of the former owner Yap.
Supposedly Yap, despite knowing of the finality of a court order still mortgaged the property to Amable Aguiluz for P74 million.
Aguiluz is the Philippines’ special envoy to the Gulf Cooperation Council.
The women then supposedly executed a compromise agreement at the Quezon City court and placed the property up for sale. The proceeds of the sale is supposed to be used as payment for the loan Yap got from Aguiluz.
Panlilio alleged that the latest proceedings, without any intervention from BHI, would again ruin the company’s investment as well as the livelihood of its employees.
“We already spent P195 million in two years—by buying more land, paying lawyers and police, and repair for the theft that the armed men did—to save Fridays Resort. Now, we shall lose more than P14 million a month on a hotel 100 percent fully-booked until the end of May,” Panlilio noted.
BHI is mainly into hotel, leisure and tourism. Friday’s Holdings Inc. (FHI), the operator of resort in Boracay, was supposedly taken over for 13 months by the former land owners, Mila Yap and Datu Yap, following a land dispute involving the 1,477-sqm beachfront.
“Nevertheless, all of us shareholders are hereby alerted of the suspicious actions of Judge Bellosillo of QC RTC 95 and his Sheriff Blanco in surreptitiously issuing these orders,” Panlilio claimed.
“Let us see, once they know Friday’s is the named owner on the land parcel, if they had not received anything by their common sense willingness to cancel this imminent fake and illegal auction date done by parties who don’t even own our land,” Panlilio further claimed.