Gow pushes civil case vs former Uniwide execs

MANILA, Philippines - Uniwide Holdings chairman Jimmy Gow is determined to pursue the civil case filed against the company’s  former top executives and the receivership committee that handled the liquidation of about P30 billion assets of the supermarket chain.

Uniwide has filed a civil case against former chief financial officer Jaime Cabangis, former vice president for finance, treasurer and comptroller Corazon Rey and former receivership committee chairman Monico Jacob, over their alleged conspiracy to illegally surrender billions of corporate assets to creditor banks without board approval.

Gow expressed confidence in the capability and integrity of newly-appointed company president Jesus Lim Arranza to pursue and closely monitor all the civil and criminal cases, particularly the recent key cases filed by the company.

“Uniwide lawyers are now reviewing the legal concerns and dealings of Uniwide and its group of companies to identify those that would warrant legal action.” Arranza, who is also chairman of the Federation of Philippine Industries and an anti-illicit trade advocate, added.

The company filed a civil case at the Parañaque City Regional Trial Court Branch 274 on March 4, 2016 against Cabangis and Rey for allegedly conspiring with  creditor banks to transfer  P30 billion worth of Uniwide assets to the banks without board approval as collateral for Uniwide Sale Warehouse Club Inc.’s (USWCI)  P7.5-billion loans.