No longer partners: Ongpin, Ashmore to part ways

Controversial businessman Roberto “Bobby” Ongpin and London-based private equity fund Ashmore Group will be parting ways. This is the case, at least, for upscale property firm Alphaland Corp, a joint venture between the emerging-markets fund manager and the country’s 11th richest man. Ongpin did not deny that there were issues and disagreements between him and Ashmore, especially after his legal issues with the government, but he said these were “peacefully and amicably resolved.” Ashmore is now in talks with another investor for its stake in Alphaland as part of the usual 7-year investment cycle that private equity funds go through, Ongpin explained. They have yet to comment if similar arrangements have been reached for the other multi-billion-dollar investments of Ashmore in the Philippines, including diversified conglomerate San Miguel Corp, legacy airline operator PAL Holdings, oil refiner and retainer Petron Corp, and other firms where Ongpin represents Ashmore.

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