In a statement issued Thursday, the group said Bedfordbury Development Corp. cannot sell the property it received from Roberto V. Ongpin’s Alphaland in 2014.
“(Wenceslao) will continue to fight for its rights and protect its legal interests,” the statement read.
The company said Alphaland ignored its rights, including prior written consent, in closing a compromise deal with Bedfordbury and London-based private equity Ashmore Group.
Alphaland contributed the 10-hectare land for a marina project along the Manila Bay reclamation area in Parañaque City. Wenceslao, meanwhile, contributed 22 hectares.
Wenceslao said the 10-hectare land was exchanged for shares in the joint venture Alphaland Bay City Corp. (ABC) and, thus, owned by the partnership.
“Unknown to Wenceslao, however, Alphaland mortgaged the 10 hectares for P3 billion until the local bank got wind of the joint venture and asked Alphaland to ask Wenceslao to allow the transaction,” the statement read.
Alphaland eventually gave the 10-hectare land to Bedfordbury and the Ashmore Group in a compromise agreement following the investors’ exit in the company.
When sought for comment, a senior Bedfordbury official said: “Of course, Mr. Wenceslao is entitled to his opinion. Maybe he knows something I don’t — such as Bedfordbury trying to sell its land?”
“We are waiting for them to deliver on their obligations after which we will decide what to do next,” the official added.