However, SMHC said it did not know that Wahono got the money from the jointly owned CMMTC to fund the establishment of CCEC.
According to SMHC, Wahono and his co-accused did not notify the CMMTC board and shareholders about the loan which, consequently, did not have board approval.
SMHC said that, because Wahono and company kept the unauthorized disbursement secret, it was duped into paying the Indonesian businessman and his partners the same amount of money that it illegally disbursed from CMMTC when SMHC subsequently bought into 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.
Gutierrez said SMHC 'cannot claim the [P50 million] belongs to it considering that there are other stockholders of the corporation and that the court finds no probable cause for the issuance of warrant of arrest for qualified theft on the ground that they merely performed corporate acts when they transferred the amount from CMMTC to CCEC.