BINAY SENATE HEARING - A Lesson in Asset Value Manipulation From Cayetano In a hearing of the Senate blue ribbon subcommittee, Tiu admitted that he only paid P11-million as downpayment for the 350-hectare property in Rosario, Batangas, which costs P446 million. Its real owner, he said, is a certain Laureano Gregorio Jr. Tiu said he has usufruct rights to the the land but the title of the property was not yet under his name although he claimed that there is an agreement that the same will be transferred within two years time. Usufruct rights, Senator Alan Peter Cayetano said, only gave Tiu the right to use and to enjoy the fruit of the property. But no clear ownership of the property. Bukod pa sa hindi ito naka register sa Register of Deeds ang mga bentahan na nangyari, Cayetano said. Tiu also revealed before the subcommittee chaired by Senator Aquilino Pimentel III that he already issued postdated checks amounting to P446 million, which include the downpayment even without him knowing who the real owner is. Risk taker ako sa business but I am never a dummy or front of any politician, Tiu said when asked about his alleged connection with Vice President Binay. Tiu said he is the owner of several other companies, which include Greenergy Holdings Inc., Sunchamp Real Estate Development Corporation, Mabuhay ANI and Three Star Capital, all of which he is the chairman and chief executive officer. Tiu who is being tagged as the alleged dummy of Binay said that the former Makati City mayor is not a personal friend and the Vice President has no investments in any of his registered companies. I will repeatedly deny that I am acting as front of Vice President Binay, Tiu said. Tiu admitted that his brother, James Tiu, had donated P5 million to Binays vice presidential campaign in 2010. Lawyer Renato Bondal, however, said James Tiu and his wife Anne Lorraine Buencamino contributed P15 million to Binays campaign, making the couple the top campaign contributors of the Vice President. Based on government records, Binays biggest single contributor is Darlene Webb Zshornack, who reportedly shelled out P10 million. Bondal presented in the said hearing that James Tiu started only as a Chinese interpreter at Philippine Airlines. Bondal questioned how James Tiu, only 27-years-old in 2010 was able to donate such amount to Binay considering that he is only earning five hundred thousand (P500,000) as director, treasurer and chief finance officer of Greenery Holdings Inc. owned by Antonio Tiu. The Senate sub-committee decided that James Tiu and his wife will be invited in the next hearing. The said committee also moved to subpoena data from the Bureau of Internal Revenue to check if the couple was financially capable of donating P15 million to Vice President Binay. During the hearing, Tiu also failed to produce the necessary documents, including the contract of sale between Sunchamp and Gregorio and even the Transfer of Certificate of Title of the Batangas property. The Senate investigation stemmed from the controversial Makati City Hall Building 2, which former vice mayor Nestor Mercado said was overpriced to pay contractor Hillmarcs Construction Corp. development cost of the Rosario property in Batangas. Napilitan po kasi ang Hilmarcs na makapag overprice siguro dito sa Makati Car Park Building 2 dahil dito kinukuha ni Engr. Efren Canlas ang mga pambili gamit ang pambayad sa property sa Rosario, Batangas pati na rin ang mga gastos nila sa pagpapagawa nito, said Mercado. During his presentation, Mercado showed that Tagaytay Highlands log cabin is one of the properties of Vice President Binay and even showed several original documents that will officially link Binay and his family. Documents that were presented include: reservation letter for the said property dated January 31, 1997 signed by Belinda Herrera, vice president for corporate division of Belle Corporation, developer of Tagaytay Highlands. The letter was addressed to then mayor Binay, which was officially received by his office by a certain Rico. Isa lamang po ito sa mga dokumento na magpapatunay kung ano ano ang mga properties nila na umusbong nuong panahon na Mayor pa siya. At kung titignan niyo base sa kanilang kapasidad na makabili ng mga nasabing ari-arian at property at talagang nakapagtataka, Mercado said. Mercado also showed a marginal note from Gerry Limlingan informing Binay about the price and schedule of payment for the said property. To: M1 referring to Mayor Binay -- These are the prices and your copy of the schedule of payments. Gerry, the note read..
Posted on: Wed, 03 Dec 2014 06:57:47 +0000
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