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Besieged property developer issues defense on HDMF ties

11/23/2010 [ ]
Globe Asiatique Realty Co. (GA) founder Delfin Lee filed a counter affidavit yesterday before the Department of Justice against accusations of fraud by the Housing Development Mutual Fund (HDMF) of the Pag-IBIG fund.
He cited that for over a decade, GA’s relationship with HDMF was never marred by any controversy much less allegations of fraud.
That HDMF awarded GA in 2003 as the leading developer based on Housing and Land Use Regulatory Board (HLURB) licensed units under the socialized housing category, and again in 2007, as the Most Pioneering and Responsive Developer of the Year.
Also, HDMF certified GA on June 30, 2010 and July 19, 2010 with a 99.97-percent Performing Accounts Ratio. On Aug. 2, 2010, HDMF gave GA a credit rating of 99.98-percent, a rating which is almost perfect reliability score on credit worthiness.
In his affidavit, Lee also stated that in all the housing transactions of GA, he religiously complied with the provisions of Pag-IBIG Circulars, especially on the aspect of Contract to Sell (CTS)/Real Estate Mortgage (REM), among others, and other related activities.
The personal accusation of fraud was charged against Lee was a result of his being the signatory of the housing service delivery contracts with Pag-IBIG.
He said in his affidavit that while he admits his signatures in the agreements by and between GA and HDMF, he did so in pursuance with existing policies of HDMF and as an officer and authorized representative of the company and not because he or GA enticed HDMF to do so.
To give emphasis in his declaration of innocence and that of GA, Lee in his affidavit declared among others that no proof was presented to show that he assented to patently unlawful acts and even cooperated immediately with HDMF to solve the issue on alleged spurious buyers. GA has shown good faith in all its transactions with HDMF, there is no direct evidence linking him (Lee) to the alleged fraud, and HDMF did not suffer damage as a result of the transactions.
Accordingly, it causes unbearable pain on the part of Lee to see his employees being accused of a crime and it is disheartening that he is accused of fraud. “We did not commit any crime,” Lee deposed.

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