Opinion: The Exodus of BCDA Against CJHDevCo Continues #1MNews #TheEqualizers
The exodus of Bases Conversion and Development Authority (BCDA) against Camp John Hay Development Corporation (CJHDevCo) really moved to its core desire to discredit Bob Sobrepeña in the eyes of the people and to influence the decision of the courts.
The estafa charges filed against Sobrepeña was the damages worth P1.15 billion from owing BCDA , believing that CJHDevCo was capable of paying its annual rent which misleads the government under the terms of the 1996 lease agreement.
CJHDevCo was supposed to pay an annual rent of P425 million or 5% of gross revenues for the first 5 years of the lease, whichever was higher. This meant that for 1998, 1999, and 2000, the government was supposed to receive P1.275 billion in rental payments.
CJHDevCo operations were adversely affected, resulting in losses of P1.445 billion, which was increasing daily and has accumulated lease payment arrears to the BCDA in the staggering amount which belongs to the people of Baguio and the surrounding municipalities. As such, the agreement was first restructured in 2000.
Robert Sobrepeña arrest proved BCDA purpose in gaining the momentum while the court decision in Singapore still in progress. President and CEO Arnel Paciano Casanova said, ““We laud the DOJ in this breakthrough decision to make fraudulent businesses accountable to the people and to protect the interest of the public from fraudulent schemes. The DOJ’s ruling puts CJHDevCo’s former Memoranda of Agreement (MOA) with BCDA as well as all other agreements that CJHDevCo has entered into with its locators, buyers, and business partners in question.
CJHDevCo willingness to fulfill its financial obligation to BCDA provided the government must abide by the contract they both executed, approve permits for constructions & operations, and turnover the entire portion of the land for development. But subsequent moves by BCDA, suggest no end in sight in the near future.
Sobrepeña of CJHDevCo must devise a subsequent planning and strategies to build the positive outlook in claiming his stand to the case. He has the edge to prove to the government through the MOA they both agreed and executed. The people of Baguio could gain to the development CJHDevCo has to offer.
Read through the pages of your mind.