By Edu Punay (The Philippine
Star) | Updated January 29, 2018 - 12:00am
MANILA, Philippines — An executive
of the Iligan Light and Power Inc. (ILPI) is facing charges of syndicated
estafa in connection with the allegedly anomalous purchase of two power plants
in 2011.
ILPI president Ralph Casino has been
charged before the Makati City Prosecutor’s Office for violation of
Presidential Decree 1689, or an act increasing the penalty for swindling or
estafa in relation to the Revised Penal Code.
The charges against Casino stemmed
from a complaint filed recently by Uriel Borja, stockholder of ILPI and
former director of Mapalad Energy Generating Corp. (MEGC), which is partly
owned by ILPI.
Aside from Casino, the other
respondents in the complaint are MEGC officials Milton Along, Marcelino Agana
and Lorimer Abejuela, and Chase Power representative and president Andrew
Harvey.
Borja alleged that the respondents
conspired in the purchase of two units of Sumitomo power plants, which amount
was initially placed at $1.04 million.
He said the respondents allegedly
lied to MEGC shareholders and directors to convince them to agree to the
acquisition, which amount was later increased to $3.45 million.
“This exorbitant increase in cost could have
been avoided had Along, Casino, Agana and Abejuela acted in the best interest
of MEGC,” Borja said in his complaint.
The complaint said the ILPI and MEGC
incurred more costs for the rehabilitation of the power plants, which were
supposed to be brand new when bought.
Last month, the office of the
Department of Justice in Northern Mindanao ordered the filing of charges
against Casino and ILPI legal assistant Noel Ebdalin for denying a stockholder
access to corporate papers.
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