(Eagle News) – Macau-based tycoon Jack Lam has “payables” to the Philippine Amusement and Gaming Corporation (PAGCOR) amounting to P13.9 billion.
This was according to PACGOR assistant vice-president, actor Arnell Ignacio.
Ignacio said that Lam has a “lifetime” contract with PAGCOR where he was only required to remit one percent of his earnings, but lately they were requiring him to pay 10 percent of his profits.
He said that Lam and PAGCOR were already talking and negotiating on this when the immigration fiasco, particularly the alleged bribery of two immigration assistant commissioners, came about.
PAGCOR has already issued a demand letter to Lam.
Ignacio said Tuesday it was a difficult issue since Lam has a contract which had been done even before the Duterte administration.
In an interview over CNN’s “The Source,” Ignacio confirmed that Lam indeed had to pay P13.9 billion to PAGCOR, but this should be called “payables” instead of debt.
But Ignacio clarified that they did not know that Lam had brought in illegal aliens, and were even surprised to learn of the bribery scandal involving top immigration officials.
Ignacio, on a senate inquiry on Monday, had earlier said that Lam owed the agency around P13.9 billion.