Vol. XXII, No. 66 [ BusinessWorld Online ]
Monday, October 27, 2008 | MANILA, PHILIPPINES
SUBIC, ZAMBALES — The Regional Trial Court of Mandaluyong has denied a petition to stop the sale of golf club shares at the former Subic Golf Club.
Judge Carlos A. Valenzuela said the petition filed Subic Bay Golf and Country Club, Inc. Vice-President Jack Hu, the former operator of the Binictican Golf Course, lacked merit.
The petition for a temporary restraining order was filed against the new golf course operator, Korean-Filipino firm Hanafil Golf and Tour, Inc.
The petition accused Hanafil of collecting membership dues from members of the Subic Bay Golf and Country Club without authority from the Securities and Exchange Commission.
The court credited the testimony of Hanafil legal counsel Rudel Panganiban who said Hanafil has yet to sell or offer golf shares or securities.
"There is no extreme urgency on the matter at issue which this court has to restrain and that no grave injustice and irreparable injury might be incurred unless it is issued immediately," Mr. Valenzuela said.
In a statement, Hanafil President Benjamin John S. Defensor said the company had complied with the terms issued by the Subic free port to develop and manage the golf course.
Mr. Defensor said that while the former golf course operator offered a monthly rental of only P300,000 or a total of P3.6 million in one year, Hanafil offered $350,000, or more than P14 million annually.
Aside from rental, Hanafil also offered a 5% gross revenue share to the Subic free port and projects worth $48 million within the next six years. — R. Garcia
