Arnel Casanova, BCDA President, has singled out Robert John L. Sobrepeña for estafa and unilaterally absolved the Board of Directors.
Unitl BCDA starts harassing Camp John Hay Development Corporation (CJHDevCo).
BCDA signed several compromise agreements over the years that clearly state the reduced level of payments are due to the failure of BCDA to turn over the Camp John Hay Property in its entirety and the 1997 Asian Crisis.
CJHDevCo is ready to fulfill its financial obligations to the government
But despite CJHDevco had paid 40% of its dues to the government, the BCDA had only delivered 25% of its commitments.
BCDA made a move on arresting CJHDevco chairman Robert Sobrepeña.
BCDA sends the message to prospective investors that the Aquino government is not above screwing its business partners, even in priority investment or economic zones.
No one is above the law. Things like this should not be taken lightly. BCDA and Camp John Hay should let things follow the law process.
In the website of Ducky Paredes it is stated that:
Under the original Memorandum of Agreement (MOA) in 1996 for the 25-year lease of the 247-hectare JHSEZ in Baguio City, CJHDevco was to pay BCDA an annual rent of P425 million or 5% of the gross revenues for the first 5 years of the contract, whichever was higher. BCDA was supposed to receive P1.275 billion in rental fees from 1998 to 2000 under this 1996 MOA.
The truth will set both parties free.