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The last we heard of systems loss was during the Manila Electric Company (Meralco) board controversy when a multiple-arena attack was waged against the utility, curiously, from a state pension fund and a gaggle of politicians. In the midst of controversy, in a patch reserved for professional and learned regulators, a political appointment took place. [...]
For some, any move that insulates the Manila Electric Company (Meralco) from the claws and clutches of political infestation is an occasion for flaring tinderbox tempers. For that matter, given last years insidious squabbles within the Meralco board, any that fortifies the existing equity configuration, one decidedly beneficial both to the greater capital market and [...]
A colleague and I were speaking earlier today about the implications of the front page story about the Supreme Court’s decision to dismiss Court of Appeals Justice Vicente Roxas, suspend Justice Jose Sabio, jr, and reprimand Justices Bienvenido Reyes and Justice Conrado Vasquez, jr, in connection with the alleged attempt by a businessman to bribe [...]
The Supreme Court has just kicked out a justice of the Court of Appeals, suspended another, and admonished or reprimanded three other members of the appellate court in connection with bribery attempts that allegedly attended the case filed over the MERALCO-GSIS war. The SC reserved it strongest action against justice Vicente Roxas, the disgraced ponente [...]
In the proxy war that is MERALCO, the battle between Arroyo and The Lopez family may reach one of its turning points — the stockholders meeting to be held tomorrow. What I don’t understand with the Arroyo Administration, is why they are even shocked that The Lopez family would want the stockholders meeting of MERALCO to be closed doors. What in the Arroyo Administration’s past would even lead them to be in such a state of disbelief?
Former Supreme Court Justice Jose Vitug just resigned as management consultant of Meralco. In an interview, Vitug said that he resigned due to a misunderstanding with GSIS President and Board director Winston Garcia. This is the latest in a string of power plays that both sides—the Lopezes and the government— are doing prior to the expected fireworks on May 27.
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