Tiu’s companies lose P1.3B in stock value over Senate probe

MANILA, Philippines – The companies of businessman Antonio Tiu have reportedly lost an estimated P1.34 billion ($29.73 million)* in stock shares value since the Senate hearings on the alleged overpriced Makati City parking building tagged him as a “dummy” of Vice President Jejomar Binay.

While the loss does not directly nor adversely affect operations of Greenergy Holdings (GREEN) and Agri Nurture Inc (ANI), the figure shows that the Senate hearings have adversely affected investor confidence in Tiu’s companies.

“The loss is not the business itself.  It’s a paper loss – the value of the shares in the Philippines,” Tiu clarified in an interview.

Despite the paper loss, Tiu assured though that operations of ANI and GREEN are not affected.

“It’s business as usual.  The supply of farmers of our fruits and vegetables and our export are continuous,” he said.

The loss in the local company shares, however, will affect the investment of Black River Food Company of the US, said the businessman.

“Black River is a legitimate investor.  If shares drop in the Philippines, they’re affected also,” Tiu said.

At the Senate hearing on November 6, which was not attended by Tiu, Cayetano presented charts to show that the stock value of Tiu’s companies had been on the downtrend even before Tiu’s name was mentioned as an alleged Binay dummy.

On November 4, The Philippine Stock Exchange said it is keeping track of disclosures made about Tiu at the Senate probe, as the businessmen heads two publicly-listed firms.

The Department of Agrarian Reform is also checking for possible violations of the agrarian reform law in the purchase and development of the controversial property in Rosario, Batangas.

Former Makati vice mayor Ernesto Mercado, a whistleblower in the Senate probe, had alleged that Tiu, through his company Sunchamp Real Estate and Development Corporation, acts as a front for Binay as owner of a vast estate in Rosario, Batangas.

The 350-hectare property, dubbed by Mercado as “Hacienda Binay,” is allegedly why the building was overpriced by over P1 billion ($22.21 million*).

Binay and Tiu have denied the accusation, and have insisted that the 39-year-old businessman is the legitimate owner of the agro-tourism estate.

The businessman faced the Senate panel twice, and had said he is not keen on future appearances, as he had already been ” ridiculed, constantly interrupted, and branded as a liar” by the senators leading the inquiry. – Rappler.com