Wenceslao to block Aseana City property sale

0

The Wenceslao group on Thursday vowed to block Bedfordbury from selling a 10-hectare property in Aseana City in Paranaque, which it purchased as part of the 2014 settlement between Ashmore and businessman Roberto Ongpin.

Advertisements

The Wenceslao group asserted its rights over the property, saying that its prior written consent is a necessary condition before the property could be sold.

Wenceslao said the condition, which was stipulated under the compromise deal, was ignored, and said it will continue to fight for its rights and protect its legal interests in the property.

The marina project was a joint venture with Ongpin’s Alphaland Corp. contributing the 10 hectares and Wenceslao contributing 22 hectares.

The joint venture company Alphaland Bay City Corp owned the project and the 32 hectares of land equity.

Alphaland exchanged the same 10 hectares for ABC shares in 2010.

Wenceslao, however, claimed Alphaland mortgaged the 10 hectares for P3 billion until the local bank has asked Alphaland for Wenceslao’s permission to allow the transaction.

When Wenceslao refused, Ongpin expelled Wenceslao from the project, the group claimed.

Ongpin pursued the project but limited the marina venture to the 10 hectares that it owned, which has no access to the sea except through the Wenceslao property.

“The project is dead and Bedfordbury cannot own the 10 hectares much less sell it,” the Wenceslao group said in a statement.

Bedfordbury and the Ashmore group were given the 10 hectares and other properties in a compromise agreement with Ongpin when the two partners parted ways.

Share.
loading...
Loading...

Please follow our commenting guidelines.

Comments are closed.