The Department of Justice (DOJ) revealed that Mactan-Cebu International Airport Authority (MCIAA) former general manager and chief executive officer Steve Dicdican, 15 Filipino and foreign top officials of GMR-Megawide Cebu Airport Corporation (GMCAC) for allegedly violating the anti-dummy law. . The case arised from a complaint filed with the National Bureau of Investigation, allegedly Mactan Cebu International Airport is operated and managed by non-Filipinos with the knowledge of the Filipino officers of the airport and GMR-Megawide Cebu Airport Corporation (GMCAC).

NBI also said with the private complainant Mr. Larry Iguidez that Mr. Steve Dicdican violated the improved Commonwealth era Anti-Dummy Law associated with the awarding of the 25-year operations and maintenance contract to Megawide Construction Corporation and its Indian partner GMR Infrastructure Limited for the MCIA in 2014. On October 8 announced on October 14, Department of Justice (DOJ) also indicted Dicdican for “knowingly assisting, aiding and abetting the commission of a violation of the anti-dummy law.

The 15 Filipino and foreign top officials of GMR-Megawide Cebu Airport Corporation (GMCAC) will be filed with separate charges and will be charged before the regional trial court in Central Visayas. Foreign nationals Andrew Acquaah-Harrison, Ravi Bhatnagar, Ravishankar Saravu, Michael Lenane, Sudarshan Madhav Doddathota, Kumar Gaurav, Magesh Nambiar and Rajesh Madan acted as executives, managers or employees of the corporation ‘in the guise of being advisors, experts and/or technical personnel.’ Prosecutors said.

Megawide said, it has not received any official documents pertaining the filing of criminal charges against the directors and officers of GMR Megawide Cebu Airport Corporation (GMCAC) for the alleged violation of the Anti-Dummy Law. Rest assured that we will respond to this case in the proper fora, and do so successfully. Megawide and its subsidiaries have always been and continue to be firmly adherent to all applicable laws, rules, and regulations, particularly regarding public-private partnership projects such as the Mactan-Cebu International Airport (MCIA)

October 16, 2021

2Trade Asia

Frozen resto foods available in $SM stores.  SM Retail’s unit, SM Markets, partnered with select restaurants to make their products available inside the supermarket.  At present, SM Markets carries 22 brands in 68 of its stores that includes among others:

$AEV redeems 10-year bonds ahead of maturity.  AEV will redeem on 21 Nov. its P1.8bn, 10-year bonds issued last 21 Nov. 2013, ahead of the 2023 maturity schedule.  Existing cash will be used to retire the bonds.

$GLO on track with fiber lines target.  GLO intends to end 2021 with 1.4mn fiber lines.  GLO built 50k ports in 2019 & this jumps to 600k ports in 2020.  Meanwhile, Speedtest Intelligence 3Q21 data by Ookla showed download speed surged 60% to 13.53MBps for GLO.

$DITO-Bayad partner for payment channels.  DITO Telecommunity grew its electronic loading channels through its tie-up with multi-channel payment platform, Bayad.  Bayad has 1,118 participating touchpoints where DITO subscribers may purchase their load & mobile data bundles.

Violation of Anti-Dummy law filed on $MWIDE-GMR executives.  DoJ indicted 15 executives of GMR Megawide Cebu Airport (GMCAC) based on Nat’l. Bureau of Investigation’s (NBI) complaint.  NBI alleged the executives violated Anti-Dummy Law in connection with Mactan-Cebu Int’l.

$ABS enter tie-up for film distribution in India.  ABS’ film production & distribution signed a deal with India’s Global One Studios (GOS) for adaptation of ABS’ 5 box office hits.  GOS is set to produce the remake of top-grossing films ‘Barcelona

Private placement in $PAL at P1.25/share.  PAL’s board approved the US$255mn (approx. P12.75bn) private placement of Buona Sorte Holdings (BSHI, parent firm of Trustmark Holdings Corp.) to be received by PAL in cash.

Improved 8-month remittances.  BSP reported remittances growth of 4.8% to $2.89bn in August, bulk of which came from land-based workers at $2.21bn (+4.2%).  This brought 8-month remittances to $22.67bn (+5.9%)

October 16, 2021

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