09/05/2008 [ tribune.net.ph ]
The registered owners of the Subic Majestic Hotel have denounced a South Korean investor for defrauding shareholders, vandalizing the hotel property and unlawfully neglecting hotel obligations to the Subic Bay Metropolitan Authority (SBMA). Tourism-oriented entrepreneurs Luc and Connie Helgen have charged South Korean-born Leo Hwang, who claims to be an American citizen, for violating provisions of their agreement through the issuance of unfunded checks, the destruction of hotel property and of carting away critical hotel equipment. Confronted by the controversy and considering the validity of their ownership, the SBMA promptly issued a resolution that paved the way for the Helgen couple and other stockholders to regain physical possession and management of the hotel which had been in Hwang’s hands for some time.
The Helgens accuse Hwang, who is facing several criminal cases filed by fellow Koreans at a Pasig Regional Trial Court that has also issued a warrant for his arrest, with reneging on his obligation to pay the owners monthly lease rental and failure to pay monthly hotel dues to SBMA amounting to about P6.5 million. According to Luc Helgen, Hwang gained management of the hotel by promising them to pay monthly rental of $4,000 a month for 23 years on top of an initial down payment totaling $186,000 to be paid in two tranches. Hwang managed to pay only the equivalent of P1 million as earnest money and has not bothered to observe his part of the transaction despite repeated attempts by the Helgens to honor his obligations. Instead, Hwang harassed the registered hotel owners with unfounded charges apart from maltreating and verbally abusing hotel employees.
The Helgens lauded the prompt action of SBMA authorities in recognizing the validity of their claims as registered investors and managers of the Subic Majestic Hotel. The quick SBMA response not only prevented the deterioration of hotel assets but has also kept intact the image of the free port as worry-free haven for foreign investors, the Helgens said. The Helgens are 25-year hoteliers who operated the Red Coconut, one of the earliest resort hotels in Boracay Island, while also operating a very popular travel agency. Luc Helgen also pioneered in operating the first regular chartered flights to and from the world famous resort island.
__________________________________________________________
