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Friday, June 30, 2006
Arcelo couple files P32M damage suit against Fape
By Ruby P. Silubrico
MARY Lou and Adriano Arcelo of the John B. Lacson Colleges Foundation, have filed a damage suit against the Fund Assistance for Private Education (Fape) in the amount of P32 million.
The couple finally broke their silence on the plunder case filed by Fape president Camilo Montessa against them.
Mary Lou, during a press conference Thursdayy, denied stealing a single centavo or benefiting from the Fape because she is not an officer of the said organization.
"It's shocking to be implicated because I have never been an officer nor have been employed by Fape, thus I cannot authorize the release of their fund. To the allegation that I personally benefited is a ploy to discredit my integrity. I have never received a single centavo in the alleged P56 million and I never used JBLCF as a dummy," Mary Lou said.
"I'm angry of what Montessa is claiming because I never received any single centavo," she added.
JBLCF legal counsel, Leonardo Jiz explained that in the JBLCF would not be used as dummy because it has existed for many years and it's a non-stock and non-profit educational foundation.
"Meaning, all the profits that are coming in would not go to the pocket of the officers. They are only being paid through their individual salary," Jiz said.
He explained that in January 3, 1995 the JBLCF was enticed by Fape to assist the private education institution to get investments from schools in order to gain profit.
With that the JBLCF invested P12.5 million, the placements of which have a guaranteed earning of 12 percent per annum.
From its inception up to the present, the Fape had implemented the terms and computed the interest earned based in the terms of their Investment Management Agreement (IMA).
However, in August 1999, the JBLCF demanded for the return of its investment but the Fape unjustifiably refused to liquidate and return the placements of the JBLCF and as of December 31, 2004 the amount returnable to the school was P67,724,105.59.
Out of P76,724,105.59 the JBLCF has loaned from in the amount of more than P38 million thus, the Fape has returnable cash of more than P29 million to the said school.
With this, the JBLCF management through Jiz, continuously demanded to the Fape the liquidation but still they failed until Montessa filed a plunder case against the Arcelo couple.
Montessa alleged that the Arcelo couple was to be blamed for the financial setback suffered by the Fape due to questionable financial dealings entered into by the couple.
However, Adrian denied the accusation of Montessa saying that since he was the president of Fape from 1992 to 1999 and he tried to make Fape grow and left a big amount of money before he left his post.
He said granting that he get some amount, he asked why Montessa complained only now after the JBLCF pressured Fape to pay back their investment.
"It's their only diversionary tactics," Adrian said.
(June 30, 2006 issue)
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