Posted May 25th, 2012 by Julito G.
Rada
[ manilastandardtoday.com ]
State-run Bases Conversion and
Development Authority asked the regional trial court in Baguio City to increase
the amount of bond to be posted by Camp John Hay Development Corp. to P3.2
billion from P736 million.
BCDA said in a statement Thursday the
increase would cover the total obligations of CJHDevco, owned by businessman
Robert John Sobrepeña, to the government.
Judge Cleto Villacorta III earlier
ruled that CJHDevco should post a bond worth P736 million before the writ of
preliminary injunction can take effect. CJHDevco’s total arrears to BCDA,
however, stands at P3.077 billion.
“The probable damages that the
injunction will cause to government will be covered by the bond. This will
ensure that the government justly gets what is due it,” BCDA president and
chief executive Arnel Paciano Casanova said in a statement.
He said the posting of the higher bond
would show CJHDevco’s good faith.
CJHDevco filed the injunction case
after it unilaterally rescinded a debt restructuring agreement with the BCDA.
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