SPY BIZ By S.A. Maguire
The Philippine Star
It looks like the officials of Clark Development Corp. (CDC) will have their hands full dodging lawsuits from disgruntled creditors of Mondragon Leisure and Resorts Corp., former operator of the Mimosa Leisure Estate. Spybiz insiders reported that CCA Holdings B.V., with a claim amounting to $1.68 million as of 1999 for managing the Monte Vista Hotel and the Mimosa Golf and Country Club, is set to file a lawsuit before the International Court of Justice to seek satisfaction and redress for its claim. CDC director Benigno Ricafort has previously claimed that only the four creditor banks were regarded as secured creditors whose claims were considered in the P1.65-billion minimum bid submitted by NTM Jin Hung Corp., a Filipino-Korean joint venture set to take over management of the 215-hectare Mimosa estate.
The Philippine Star
It looks like the officials of Clark Development Corp. (CDC) will have their hands full dodging lawsuits from disgruntled creditors of Mondragon Leisure and Resorts Corp., former operator of the Mimosa Leisure Estate. Spybiz insiders reported that CCA Holdings B.V., with a claim amounting to $1.68 million as of 1999 for managing the Monte Vista Hotel and the Mimosa Golf and Country Club, is set to file a lawsuit before the International Court of Justice to seek satisfaction and redress for its claim. CDC director Benigno Ricafort has previously claimed that only the four creditor banks were regarded as secured creditors whose claims were considered in the P1.65-billion minimum bid submitted by NTM Jin Hung Corp., a Filipino-Korean joint venture set to take over management of the 215-hectare Mimosa estate.
Ricafort’s actuation runs counter to the acknowledgement made by former CDC president Emmanuel Angeles in 2004 that gave merit and validity to CCA Holdings’ claim. Spybiz sources disclosed that the creditor will be hiring top international lawyers for the suit against CDC. This whole mess could once again tarnish the country’s reputation similar to the Piatco fiasco and the Amari bulgari.
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