Jul
28
<!–
InterAksyon.com
The online news portal of TV5
–>
InterAksyon.com means BUSINESS
MANILA – The meat production partnership between Calata Corporation and the Galicia family has gone awry.
In disclosures to the Philippine Stock Exchange (PSE), Calata said both parties are suing each other, with the listed agriculture company’s board approving the filing of a syndicated estafa complaint against the Galicia family and Patienthill Cold and Dry Storage Corporation for alleged anomalies and suspicious activities.
To recall, Calata in December 2013 acquired majority of the Galicia family’s meat processing business, which supplies the requirements of SM supermarkets under the “SM Bonus” brand.
Calata didn’t detail the allegations, only to say that it was coordinating with several government agencies, including the Securities and Exchange Commission (SEC) and the National Bureau of Investigation (NBI).
Calata said it also sought Department of Justice and Bureau of Immigration assistance in issuing hold departure orders against members of the Galicia family and officers of Patienthill.
In one of the two disclosures to the PSE, Calata said it received from Brookfields Meat Inc (BMI) yesterday a copy of a court petition failed by members of the Galicia family and Patienthill seeking to annul a title to an unidentified property, the recovery of such property and the payment of damages.
BMI is the meat processing joint venture of Calata and the Galicia family. Calata, which owns 51 percent of BMI, claims it is in possession of the meat processor’s plant and operations.
Open all references in tabs: [1 – 4]
Comments
Leave a Reply
You must be logged in to post a comment.