Lopez Holdings


FPHC Corporate Secretary denounces as baseless elamparo complaint
First Philippine Holdings Corporation (FPHC) learned today that its Corporate Secretary, Enrique I. Quiason, is a respondent in a complaint filed before the Pasig City Prosecutor’s Office by Estrella Elamparo of the GSIS Law Office, for violation of Sections 74 and 144 of the Corporation Code. Quiason denounced the complaint, saying that it is “premature and with no legal leg to stand on.”

On 11 November 2009, FPHC received a letter from Elamparo requesting copies of corporate records. Quiason said that he has not denied such request. In a letter reply on 16 November 2009, Quiason required from Elamparo a copy of a GSIS board resolution authorizing her request and specifying the reasons thereof. Unfortunately, Elamparo unjustifiably refused to provide such board resolution, claiming that the GSIS Law Office can act on behalf of GSIS. In fact, the complaint-affidavit filed by Elamparo today did not contain such authority.

In another letter reply to Elamparo dated 19 November 2009, Quiason stated, “We cannot make any presumptions of regularity of your actions specially since this involves a private transaction… FPHC is merely trying to protect the interests of all its shareholders and other stakeholders. It may not be amiss to point out that GSIS had a failed attempt to take over management control of Meralco by obtaining an illegal cease and desist order from the Securities and Exchange Commission. The said order attempted to invalidate First Holdings’ proxies at the 2008 Meralco annual shareholders’ meeting and to prevent First Holdings from exercising its voting rights. This would have caused great and irreparable damage to FPHC and its stockholders. The incident resulted in litigation between GSIS and FPHC including the filing of criminal charges against you and Mr. Winston Garcia before the Ombudsman. Considering these antecedents, FPHC cannot assume that your request is related to a legitimate stockholders’ concern rather than a malicious tool to fish for evidence to bring about nuisance or strike suits (underscoring supplied).”

Quiason further said that, without a copy of the resolution of the Board of GSIS authorizing Elamparo to examine the records of FPHC as well as stating the specific reasons for the request, he cannot bring the matter to FPHC’s Board for its consideration. 

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Lopez Holdings Corporation 
16/F North Tower, Rockwell Business Center Sheridan, Sheridan St. corner United St., 1550 Bgy. Highway Hills, Mandaluyong City, Philippines

  • Trunkline: (632) 8878 0000
  • Fax: (632) 8878 0000 ext 2009
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