• Binay ‘dummy’ unhurt by Senate investigation

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    Businessman Antonio Tiu, who was accused by Senator Alan Peter Cayetano of being a dummy of Vice President Jejomar Binay, has recovered from the effects of the Senate investigation as shown by his company’s consolidated revenue of nearly P800 million.

    Agri-Nurture Inc. (ANI) recorded a 14-percent growth in the second quarter of the year despite efforts of some senators to drag the company into the controversy involving the family of the vice president.

    Tiu was accused as the dummy owner of Binay’s 350-hectare estate in Rosario, Batangas, where Tiu’s Sun¬champ agritourism park is located.

    Tiu admitted that Greenergy owns Sunchamp but he denied being Binay’s dummy.

    “They are all lies and the facts have unfolded,” Tiu said in a statement.

    “We are upbeat and we remain out of the political limelight and for that we continue to grow. There is a very positive turnout. It is clear that the fundamentals are strong and no matter how we are besmirched, ANI will prevail,” he added.

    Binay on Monday said one year of Senate investigations into alleged wrongdoings that he committed had produced only lies and rumors.

    Tiu was among those summoned by the Senate to attend the inquiry.

    The businessman took control of ANI in May this year.

    Tiu cited records from the Philippine Stock Exchange website which indicated that despite the odds, nearly P800 million was gained by ANI in the second quarter, up from the P702 million posted in the first quarter of the year.

    This means that from a continuous net loss in the previous quarters, ANI has recovered with a P3 million net income as compared with a net loss of P41.7 million from the previous quarter.

    According to Tiu, the company expanded its network and took in investors here and abroad.

    ANI is a listed fruit and vegetable company whose two key officials resigned last May. Tiu took over as president and chief executive officer while Kenneth S. Tan was named chief financial officer.

    The company’s operations are divided into exports, local distribution, retail and franchising, banana farming, among others. It exports bananas, coconut water, mangoes, and pineapples to mainland China, Hong Kong, Middle East, North America, and Europe.

    Its foreign operations consist mostly of fruits and vegetable trading in Hong Kong China and Australia.

    AgriNurture is also commercially distributing fresh fruits and vegetables to retail establishments, as well as to hotels, restaurants, public wet markets, and catering companies through its subsidiaries, First Class Agriculture (FCA); Fresh and Green (FG); and Lucky Fruit and Vegetables (LF).

    The firm also manufactures fruit beverages through its subsidiaries M2000 Imex in Bulacan; Hansung Agro in FTI Taguig; and Fruitilicious in Cagayan de Oro.

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    2 Comments

    1. I am happy to hear progress, its encouraging to know how people work hard despite of the crab mentality of others to put them down.

      Just continue and believe to do good work and provide labor. Results will speak for itself.

    2. Why do I find it hard to believe what Tiu is saying? Was that P800 million just funneled by ‘investor Binay’ to make Tiu appear as ‘legitimate’? If you countercheck this ‘P800 million revenue’ next year with BIR filing, I bet the amount that would appear in Tiu’s tax filing is substantially less. Possible tax evasion?