President and Chief Executive Ramon Ang of San Miguel Corporation filed a case of syndicated estafa before the Department of Justice against top executives of the giant network, GMA 7 over the alleged failure to return his P1 billion down payment during negotiations in 2014 when Ang expressed interest in buying into the television network.
In his 19-page complaint filed last July 27, Ang accused GMA chief executive officer Felipe L. Gozon, some of his family members, and other stockholders and officials of the said giant network of violating the Presidential Decree 1689 and Article 315 of the Revised Penal Code.
Aside from Gozon, also charged with estafa were Felipe Gozon Jr., Anna Teresa Gozon-Abrogar, Ismael Augusto Gozon, GMA Networks Inc., stockholders Belinda Madrid, Jaime Javier Gana, Ma. Erlinda Gana, Florencia Gozon-Tarriela, Edgar Tarriela and Tricia Valderama.
According to Ang’s complaint, the Gozons did not return his P1-billion downpayment for his planned purchase of at least 30 percent of GMA 7’s shares despite an agreement that the TV network would return the money to him if negotiations fail.
Syndicated estafa is a non-bailable offense under the Revised Penal Code.
Ang also claimed that his money was misappropriated.
“The respondents should be charged with, at the very least, the crime of estafa by misappropriation or conversion under Article 315, Paragraph 1 (b) of the Revised Penal Code,” Ang said.
He said that the elements of syndicated estafa are also present because the transaction involved five or more persons and the act resulted in the misappropriation of money contributed by the stockholders.
“The misappropriation was committed by the respondents who acted in conspiracy with each under the leadership of respondent Felipe L. Gozon who they authorized to act for them in regard to the transaction,” read the complaint.
The talks between Ang and the Gozons collapsed in June, when both camps made clear that they have unresolved issues, including alleged revisions and add-on proposals from both sides.
GMA then decided to abruptly terminate negotiations with Ang, which caught the latter by surprise.
In 2014, Ang negotiated with the majority shareholders — the Gozon, Jimenez and Duavit groups — for the purchase of a 34-percent stake in GMA.
One of the conditions on the sale and purchase of equity shares was the obligation to negotiate in good faith during the exclusivity period on the sale of shares.
Both camps also agreed for the return of the downpayment within three days after the exclusivity period expires. This is if the terms and conditions are not concluded and completed by the parties involved, Ang claimed.
Originally, the exclusivity period was to expire on April 20, 2014. This was later extended to June 30 of the same year until it finally expired on November 15.
Ang claimed the P1-billion downpayment was deposited in the form of a manager’s check in the name of Atty. Gozon.
The DOJ is expected to form a panel to look into the complaint.
GMA 7 has not yet made a statement regarding the filing of the case.
