References in periodicals archive ?
The appellate court said the arguments of Wahono's camp with regard to SMHC and CMMTC's supposed 'lack of legal personality' to institute the petition and the alleged mootness of it have already been addressed in its earlier resolutions.
'It is not disputed that SMHC is a stockholder of petitioner CMMTC. It has been alleged that private respondents, in their capacity as members of the Board of Directors of CMMTC, committed wrongful acts to the detriment of the corporation.
SMHC accused Wahono of unauthorized disbursement of P50 million in funds of CMMTC, where both SMHC and Wahono were major shareholders.
Wahono and Stamboel were charged with qualified theft case before the Marikina City RTC for allegedly causing CMMTC, which was jointly owned then by the SMHC and Wahono, to make an unauthorized disbursement, which he then used to incorporate another company called Citra Central Expressway Corp.
CMMTC built and operates under a 30-year concession the 35-km Metro Manila Skyway toll road, which started operation in 1999.
The appellate court noted that at the time of the alleged commission of the crime that gave rise to the criminal suit before the RTC of Marikina City, Wahono and his corespondents were officers and members of the board of directors of CMMTC.
SMHC said the funds were listed as a loan to PTCLGP from CMMTC without its knowledge.
Wahono and Stamboel were charged with qualified theft before the RTC in Marikina for allegedly causing CMMTC, which was jointly owned then by the SMHC and Wahono, to make an unauthorized disbursement, which was then used to incorporate another company called Citra Central Expressway Corp.
Aside from estafa, Wahono is also facing a qualified theft case before the Regional Trial Court of Marikina City for allegedly causing CMMTC, which was jointly owned then by the SMHC and Wahono, to make an unauthorized disbursement which he then used to incorporate another company.
SMHC's complaint said that the transfer of money was listed as a loan from CMMTC to Wahono's PT Citra Lamtoro Gung Persad (CLGP), for the incorporation of CCEC.
'CLGP cannot be the legal and beneficial owner of such shares since the subscription price was actually paid for by CMMTC funds of which SMHC was also a beneficial owner at that time,' SMHC alleges in its complaint.
Lighting up this major avenue is part of CMMTC's corporate social responsibility program meant to enhance the safety and convenience of motorists in the vicinity of Skyway-Naia Expressway.
Acronyms browser ?
Full browser ?
- CMMIsm Project Planning