MANILA, Philippines – Controversial businessman Antonio Tiu has taken over as president and chief executive officer of AgriNurture, Inc., his listed fruit and vegetable company.
The corporate move was due to the resignation of AgriNurture’s two key officials and 3 directors. Tiu, the company’s chairman, would be assuming the post vacated by resigned Pablo Capati Jr.
Kenneth S. Tan will become the company’s chief financial officer, replacing Romeo L. Bato, who also resigned.
“Mr. Tiu and Mr. Tan will assume the positions upon effectivity of the resignations of Mr. Capati and Mr. Bato,” the company said in the filing.
Tan, Bato, and lawyer Lisette Arboleda were elected into the board of directors to serve the remaining portion of the terms of James Sayre, Tai Chuan Lin, and Edmund Zheng who also all resigned from the board.
Tiu is the alleged dummy owner of Vice President Jejomar Binay’s 350-hectare estate in Rosario, Batangas, where Tiu’s Sunchamp agritourism park is located. Tiu admitted that Greenergy owns Sunchamp but denied that he is Binay’s dummy.
The embattled businessman also faces a tax evasion charge by the Bureau of Internal Revenue for alleged underdeclaration of income for taxable years 2008 and 2013.
After the management reorganization, Tiu said AgriNurture is considering the divestment of the company’s non-performing units, albeit declining to identify which business segments.
The company sustained P1.164 billion ($26.09 million) losses versus P95.136 million ($2.13 million) incurred in 2013.
The substantial decline in its Philippine operations comprising farming and local distribution contributed to the wider loses incurred by AgriNurture in 2014.
In the Philippines, the company’s operations are divided into exports, local distribution, retail and franchising, banana farming, and others. It exports bananas, coconut water, mangoes, and pineapples to mainland China, Hong Kong, Middle East, North America, and Europe.
Its foreign operations consist mostly of fruits and vegetable trading in Hong Kong China and Australia.
AgriNurture is also commercially distributing fresh fruits and vegetables to retail establishments, as well as to hotels, restaurants, public wet markets, and catering companies through its subsidiaries, First Class Agriculture (FCA); Fresh and Green (FG); and Lucky Fruit and Vegetables (LF).
The firm also manufactures fruit beverages through its subsidiaries M2000 Imex in Bulacan; Hansung Agro in FTI Taguig; and Fruitilicious in Cagayan de Oro.
Trading of Agrinurture shares was halted Thursday, May 28, allowing the market to digest the newly-disclosed information.
Trading of Greenergy Holdings Incorporated, has been suspended since May 13 as the local bourse monitors the controversies surrounding Tiu, the holding firm’s chairman. – Rappler.com
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