“In 2006, Rolan and Alejandra Bansil, together with a friend from Guam, formed a corporation called Pilipinas Pacific Rim Corporation (PPRC).”
by Ducky Paredes
This is a cautionary tale for balikbayans who, due to the bad times where they now are, will want to come home and try their luck in their mother country.
In 2006, Rolan and Alejandra Bansil, together with a friend from Guam, formed a corporation called Pilipinas Pacific Rim Corporation (PPRC). The main purpose of the company was to engage in the test run of the Small Town Lottery (STL) Project of The Philippine Charity Sweepstakes Office (PCSO) in the Province of Albay.
In January 2007, The PCSO granted PPRC a deed of authority to conduct an actual Test Run for STL operations in Albay. Complying with the requirements of PCSO Mr. and Mrs. Bansil posted the amount of Ten Million Pesos (P10,000,000) as a Cash Bond for the Project.
As expected, by August 2007 the corporation had still not turned a profit, and was operating under a deficit. Likewise, PPRC had unpaid government remittances (based on the allocation guidelines of PCSO) during this time.
Two of the partners (call them “SD” and “US”) requested Mr. and Mrs. Bansil to turn over the operations and management of PPRC, giving them full control of day-to-day transactions. The Bansils explained that it would be highly unreasonable to assume that any business (especially one as capital intensive as STL) would be profitable in only seven months.
Before the two parties reached a resolution, STL Albay was hit by a winning jackpot of Two Million Pesos (P2,000,000). This complicated matters.
SD and US, together with the Chief Accountant simply chose to abandon the operation, ignore the winning bets, and disregard the payments. A month later, without any knowledge whatsoever on the Bansils’ part, SD and US sold, assigned and/or transferred all paid and unpaid stocks of PPRC to the group of David Emralino for the amount of only five million pesos.
In the meantime, ignorant of all these, the Bansils re-assumed the management of PPRC’s Albay STL operations, and paid the winning bettors the prizes they were entitled to. Moreover, Mr. Bansil personally began streamlining the business model of PPRC, ironing-out kinks, and forming strategic relations with the LGUs, the PNP, the Provincial Board, and the BIR.
Again, unknown to the Bansils and the other stockholders, SD and US executed a deed of assignment of all paid and unpaid stocks of PPRC, with Declaration of Trust and Power of Attorney to Joel Descallar. This time, no money changed hands, but was given in return for what was referred to in the documents as “Valuable Consideration.” There was actually none given.
Sometime in October 2007, the Bansils received a demand letter from the Counsel for the group of Joel Descallar demanding the surrender of the PPRC Book of Accounts, as well as full permission for the Descallar Group to conduct a general audit of the company’s finances and accounts. The letter threatened the Bansils with “appropriate criminal charges” if they did not surrender everything.
On the last day of October 2007, the Bansils received a letter from the PCSO notifying them of an alleged “Special Stockholders Meeting” (of which they were never informed), held in the principal office of PPRC. Purportedly, a new set of Members and Directors were elected to the Board during this “meeting”.
On Nov 2007, the group of Joel Descallar filed for Injunction and TRO before RTC branch 93 against Mr. Bansil, as well as against PCSO. However, RTC branch 93 dismissed the case for improper venue.
Unknown to the Bansils, Mr. Joel Descallar and his group ─ clearly misrepresenting themselves as stockholders and officers of the PPRC, based on a bogus sale and a bogus “Board Meeting” ─ filed another case in March 2008 before RTC branch 92 of Quezon City for Mandamus and Injunction with prayer for TRO.
Despite the fact that RTC branch 93 had earlier dismissed the same case, Judge Samuel Gaerlan granted their prayer for Injunction, and issued a writ of preliminary injunction enjoining PCSO to transact business only with the Descallar group. In spite of repeated pleas, Judge Gaerlan did this without further verification of the submitted documents, and without allowing the Bansils and their counsel to explain their side in the intra-corporate controversy.
This might bring into question Judge Gaerlan’s objectivity, considering that he has continued to ignore the Bansil side. Moreover, the procedures of the case have been at a standstill, further aggravating the situation of the Bansils, who thought that as Pinoy Balikbayans, they would have an easy time of it in their home country.
A word of caution to prospective Balikbayans: Be more careful who you do business with in the Philippines. To you, the people you deal with may look like you and, unlike in your adopted country, speak your language but — mark my words — to them, you look, talk and act different, are as foreign as anyone they have dealt with and can be taken for the proverbial ride, anytime you will let them.
In dealing with the locals, be as savvy and distrustful as foreigners coking from your adopted country would be. It is only by acting that way can you properly protect yourself.
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The 6th and the last leg of the San Mig 3-in-1 Coffee Senior Tournament for the Federation of Philippine Amateur Senior Golfers, Inc. (FPASGI) will be held at Malarayat Golf and Country Club on December 19, 2008. This caps a successful tournament season for the FPASGI with an extravagant raffle, good food and entertainment.
All FPASGI members are welcome to invite to play in this tournament any seniors who are non-members who may be interested to join the federation. Seniors are males who are at least 55. Ladies qualify at 50.
For information, call 421-3861 or go to: www.fpasgi.com.
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hvp 12.15.08)Readers who missed a column can access www.duckyparedes.com/blogs. This is updated daily. Your reactions are welcome at email@example.com