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Criminal complaint filed vs former IBC-13 execs

Rappler.com
The Ombudsman says IBC-13's joint venture with R-II Primestate was undervalued by up to P255-M

MANILA, Philippines – Field investigators of the Office of the Ombudsman have filed a criminal complaint against former excutives of government-owned television network Intercontinental Broadcasting Corporation (IBC-13) and private company R-II Builders Inc./Primestate Ventures Inc. (R-II Primestate).

The complaint stemmed from the sale of IBC-13’s property, which was undervalued by up to P255 million.

In a statement, the Field Investigation Office (FIO) said the respondents to the criminal complaint are: 

  • Former IBC-13 chief executive officer Jose Javier
  • Former IBC-13 chairman of the board Joselito Yabut
  • Former IBC-13 supervising secretary Conrado Limcaoco
  • Primestate president and managing partner Nathaniel Romero 

FIO found that the joint venture agreement entered into by the officials in March 2010 caused undue injury to the government amounting to P254,843,401. A large portion of IBC-13’s property in Broadcast City, Capitol Hills, Diliman, Quezon City, was sold at below market price.  

The agreement stipulates that 36,401 sqm of IBC-13’s 41,401-sqm property would be developed into a residential complex, while the remaining 5,000 sqm portion will be devoted to the construction of two buildings for the television network. 

In 2011, the Commission on Audit asked the Presidential Commission on Good Government to stop the implementation of the joint venture after it found that the deal was not approved by the Privatization Council. 

The House of Representatives has also conducted its own probe on the alleged anomalous venture. – Angela Casauay/Rappler.com

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