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Will the temporary restraining order issued by one division of the
Supreme Court lead to the acquisition of the historic Sta. Ana
racetrack by the Malaysian-controlled JTH Davies holding firm? And
to think that the racetrack must now be worth P12 billion compared
to the P25-million value of the firm wanting to grab it!
The Philippine Racing Club will be holding its
stockholders’ meeting this coming Wednesday during which the
contentious deal would be taken up and probably consummated. Once
consummated, the Malaysian group in the Philippine Racing Club board
could claim victory via technical knockout. (Under the swap
proposal, the Malaysian would be able to acquire the properties of
the Phil Racing Club without having to pay for the whole amount.)
The Malaysians will now be able to do what they
have been aiming before the TRO came. Prior to that decision by the
Supreme Court, the Court of Appeals issued an injunction which
ordered a halt to the swap deal in response to a plea by Filipino
shareholders.
The Filipino group, which the Malaysian-backed
directors in the racing club arrogantly branded as a “noisy
minority,” had sought to stop the swap for being one-sided. They
also questioned the refusal of the directors backed by the
Malaysians to provide documents pertaining to the deal. They argued
that the refusal to give information violates rights of shareholders
and transparency.
The Filipino group got early support from the
courts in their early legal battles. But they were not so lucky with
the Supreme Court. For the record, Justice Minita Chico-Nazario
penned the TRO resolution which could pave the way for the
enforcement of the deal.
The Filipino public should know that the
beneficiaries of the TRO are a who’s-who in Malaysia’s gambling
industry. They reportedly sit in the racing club board to represent
the Kuala Lumpur-based Magnum Holdings Berhad. This firm is a major
player in Malaysia’s leisure and gaming sector.
The powerful Malaysian business personalities
involved in Magnum firm include real-estate magnate Tham Ka Hon,
Asia Pacific Lottery Association executive director Lim Teong Leong,
Lawrence Lim Swee Lin, and controversial Thai-Malay-Chinese
businessman Surin Upatkoon, a.k.a. Lau Khin Koon.
The Malaysians are joined by Westmont Corp.
personalities led by Santiago Cua Jr., a.k.a. Cua Sing Huan,
Santiago Cua Jr., Solomon Cua and Filipino real estate developer
Exequiel Robles.
By this time, the public is aware that Surin
Upatkoon figured in the questioned takeover of Thailand’s Shin
Corporation by the Singapore firm Temasek Holdings. At one time,
Thai police issued a warrant of arrest against Upatkoon on
allegations he violated Thailand ’s foreign business act. He was
reportedly using his holdings in a firm called Kularb Kaew to front
for Temasek’s bid to control of Shin Corporation.
There is a clear similarity between the Sta. Ana
racetrack swap deal and the take-over of Shin Corporation by Temasek
Holdings. And those in the know say that Upatkoon could be the
brains behind the swap deal since the final outcome seems to be to
put the Philippine Racing property out of reach by Filipino
shareholders.
Is the P25-million worth JTH Davies Surin
Upatkoon’s “Kularb Kaew” applied in his plan to carry out
another version of Thailand’s Shin Corporation takeover scheme?
The Temasek-Kularb Kaew angle to the Sta. Ana
racetrack will blur the deal. At present, Puyat-led Filipino group
is already complaining that the Malaysian group and its Filipino
allies are refusing share on the purchase of JTH Davies, the
compensation of the directors and the planned swap of the property.
The Filipino shareholder group says it is merely
batting for the rights provided them by law. This week, we will know
whether or not the law would be on their side. And may I ask, are
our own laws stacked against Filipinos?
jules42na@yahoo.com
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