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GA sues Pag-IBIG over failed deal

11/16/2010 [ tribune.net.ph ]
Controversial realty firm Globe Asiatique Realty Holdings Corp. (GARHC) yesterday filed a civil case with the Regional Trial Court of Makati City against the Home Mutual Development Fund or the Pag-IBIG Fund naming its board of trustees and its officer-in-charge Emma Linda Faria for failing to deliver on its commitment in a contract between both.
GARHC said the suit was the result of the alleged gross neglect of duty, grave misconduct, inefficiency, incompetence and conduct prejudicial to the best interest of the service, of the responsible officials of Pag-IBIG Fund.
Such acts put GARHC and its president, Delfin Lee, and key officers of the company in a bad light, thereby destroying their goodwill and the name which they built in the real estate industry, according to the company in a press statement.
GARHC and the Pag-IBIG Fund have entered into a memorandum of agreement (MoA) for the Xevera Projects as part of the Fund’s housing program involving partnership with real estate developers to bring in the needed inventory of housing units that is affordable to the common Filipino worker.
The Senate had conducted a probe into alleged irregularities in the contract.
Xevera is a township project with amenities such as club house and multi-purpose halls, sports center, swimming pool, parks and playgrounds, church, school and public market.
With these amenities and considering that the housing units thereat fall within the low cost bracket, the project is considered the first of its kind and pioneering in its business model, the company said.
The troubles arose when there was failure to comply with existing provisions of the MoA by allegedly the Pag-IBIG Fund responsible officials and which put GARHC and its key officials in a bad light, the company’s statement said.
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