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December 28, 2007 |
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PHILCOMSAT HOLDINGS: Court Bars Takeover by Private Shareholders The Sandiganbayan has ordered the group of private shareholders in the Philcomsat group of companies from taking over control of the Philcomsat Holdings Corp. from the Locsin-Poblador group of directors appointed by the Presidential Commission of Good Government, the Philippine Daily Inquirer reports. The Inquirer relates that according to the PCGG-backed directors, the Sandiganbayan had ordered the PCGG to take as void the November 19 election of the Ilusorio-Africa group to the boards of the Philippine Communications Satellite Corp. and Philippine Overseas Telecommunications Corp., the parent companies of PHC. Almost immediately, the newspaper added, the head of the private shareholders group Erlinda Ilusorio Bildner sent a text message to the Inquirer, disputing the grounds on which the Sandiganbayan based its injunction. In a report published on November 21, 2007, the Troubled Company Reporter-Asia Pacific said that the government appointed new nominees into the boards of both POTC and Philcomsat, reportedly replacing the Locsin-Poblador group as government representatives on the boards of these companies. Presidential Management Staff Undersecretary Enrique Perez and Department of Justice lawyers represented the government's 35% holdings during the stockholders meeting. In another report on December 26, citing the Inquirer as a source, the TCR-AP outlined the PCGG group of directors' protest against the forced takeover of PHC's board by the private shareholders. Through Atty. Pitero Reig, the group told the Inquirer that the Ilusurio-Bildner group used letters signed by Bernardo Aves, former Government Service Insurance System chairman, and Solicitor General Agnes Devanadera to vote themselves onto the boards of POTC and Philcomsat. Atty. Reig also said that only the Presidential Commission on Good Government could vote the shares in the sequestered companies, and added that they have critical appointment documents signed by the President herself. About Philcomsat Holdings Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc. -- was incorporated on May 10, 1956. During the 70s and early 80s when the country experienced a boom in geophysical and drilling activities both offshore and onshore, Philcomsat Holdings was one of the active participants in search of oil. The company has since withdrawn from oil exploration because there was no commercial discovery of oil. On January 10, 1997, the company approved amendments to its Articles of Incorporation, changing its primary purpose from embarking in the discovery, exploitation, development and exploration of mineral oils, petroleum in its natural state, rock or carbon oils, natural oils and other volatile mineral substances to a holding company. According to a Troubled Company Reporter-Asia Pacific report on May 18, 2006, Philcomsat Holdings has not declared dividends for the past two fiscal years. Philcomsat is involved in an anomaly brought about by huge losses. The company reported a PHP6.965-million loss in 2004 and a PHP22-million loss in 2005. The Philippine Senate has initiated an inquiry into the matter. Moreover, according to press reports, a huge fraction of the shareholdings of Philcomsat, which is said to be ill-gotten, had been confiscated by the Government. |
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