Lucio Tan cleared of tax raps
The Department of Finance has cleared bilyonaryo Lucio Tan of any tax evasion charges.
In a press briefing, Finance Secretary Carlos Dominguez said there is no pending tax evasion case against Tan, the country’s fourth richest man with a net worth of $4.2 billion, based on the 2017 ranking by financial magazine Forbes Asia.
Lucio Tan is the founder and chairman of the LT Group, which has interests in tobacco, liquor, banking, airline, and property development.
President Duterte earlier accused the business tycoon of having P30 billion in unpaid taxes.
Dominguez said Duterte must be referring to Philippine Airlines’ obligations to the Civil Aviation Authority of the Philippines, which had already been settled.
LTG surged 10.35 percent Monday to P20.90 each, its highest close in two years.