Monday, September 1, 2008 [ philstar.com ]
Cyber Bay Corp., a company headed by San Miguel Corp. president Ramon S. Ang, is planning to transform a property along Manila Bay into a residential subdivision and district for small and medium enterprises.
Ang said that once the issues involving the controversial Manila Bay reclamation project have been resolved, Cyber Bay will move to convert the 750-hectare property along Manila-Cavite coastal road within the cities of Paranaque, Las Piñas and the municipality of Bacoor, Cavite into an integrated and comprehensive urban township .
The project was pursuant to a joint venture agreement entered into by CyberBay with the Philippine Reclamation Authority involving the It was put on hold after Central reclamation of land along Manila Bay. Bay got into a legal tussle with the government involving the ownership of the reclaimed land.
In 2002, the Supreme Court declared the JVA illegal, saying the transfer of ownership of land to CyberBay subsidiary Central Bay Amari Coastal Development Corp. was unconstitutional because private corporations cannot own reclaimed lands.
Ang, said the Supreme Court ruling was unfair as it exempted other companies that acquired reclaimed lands.
He said Cyber Bay is pursuing its claims with the PRA for reimbursement of all costs related to the project amounting to P10.23 billion.
CyberBay has spent a considerable amount on the project which continues to be charged with interests.
Due to the cessation of the project, CyberBay failed to honor its loan commitments and incurred significant losses from accumulating Last year, the company had accumulated interests and penalties. P9.4 billion. deficit of
In documents filed with the SEC, CyberBay said it still intends to continue its operations and utilize reimbursements that it may obtain from the PRA to fund other business and development ventures.
“The ability of the company to continue as a going concern will depend on the recoverability of the claims for reimbursement and on the success of any business that it may undertake,” CyberBay said.
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