PNOC Exploration: Coal deal settled

Manila Standard Today

By Alena Mae S. Flores | Posted on August 25, 2012 | 12:01am

The PNOC Exploration Corp. on Friday defended its coal supply transactions, which was used as basis for a plunder complaint saying that the claims of Wilson International Trading Private Ltd has already been settled through arbitration.

The coal supply agreement was the subject of the criminal complaint filed by former PNOC Exploration chairman Crismel Verano against PNOC president Antonio Cailao, former PNOC Exploration president and incumbent director Rafael del Pilar and other officers of the company.

Verano filed the P122-million plunder against the PNOC and PNOC Exploration officials at the Ombudsman on the basis of the coal supply deal.

PNOC Exploration management, however, said no formal charges were filed before the Sandiganbayan.

“These complaints have only been initiated before the Ombudsman who will necessarily investigate the matters referred to its Office in order to determine whether the charges need to be filed at all,” the statement said.

The company questioned the timing of the filing of the case at the Ombudsman last July because PNOC Exploration was set to do an initial public offering this year to comply with the minimum 10 percent public ownership rule.     source