6/18/2008 [ tribune.net.ph ]
The Makati regional trial court (RTC) recently slapped a temporary restraining order (TRO) against a group of directors of the Philippine Racing Club (PRCI) backed by the Kuala Lumpur-based Magnum Holdings Berhad which ordered them “to refrain from the presentation, discussion and ratification” of portions of the agenda of the annual stockholders meeting slated for today.
The agenda pertains to a proposed swap deal where the ownership of the P12-billion Sta. Ana racetrack is to be bartered for shares in a P25-million holding firm called JTH Davies reportedly controlled by the same group of directors.
The TRO was issued upon the petition of a group of PRCI Filipino shareholders led by Aristeo Puyat. The group had alleged that the proposed swap deal was both lopsided and lacking in transparency. They alleged that the Malaysian-backed directors failed to give them access to records pertaining to the purchase of JTH Davies, the remuneration of the directors of the holding firm, and the details of the proposed swap deal.
The TRO was slapped against representatives of Magnum Holdings in the PRCI board, including Lim Teong Leong, Lawrence Lim Swee Lin, Tham Ka Hon and Surin Upatkoon.
The TRO also covered Santiago Cua Sr. a.k.a. Cua Sing Huan, Santiago Cua Jr., Solomon Cua, Exequiel Robles and former Defense Secretary Renato de Villa.
According to the court, the TRO was granted to the Puyat-led Filipino shareholder group “considering the extreme urgency and that great and irreparable injury would result”.
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