Bilyonaryo Jimmy Gow is fighting back against his trusted executives, former bankers and Securities and Exchange officials with a qualified theft and estafa case.
Gow, owner of the former high-flying retail giant Uniwide group, accused former Landbank officials Roberto de Ocampo and Gary Teves, former SEC associate commissioner Monico Jacob, his former finance executive Jaime Cabangis, and four others of looting as much as P4 billion in stocks and real estate through through deceit and fraudulent means.
In his 13-page complaint filed with the Quezon City Prosecutor?s Office, Gow is suing to take back these assets:
– P1.8 billion worth of shares of stock taken by Land Bank
– P1.5 billion in mortgaged real properties sold by means of dacion en pago
– P400 million Wack-Wack property owned by Gow which he claimed was ?mortgaged illegally and under deception?
– P144 million representing the 20 percent addition to the original P500 million loan of Uniwide Sales Warehouse Club Inc and fraudulently converted as Uniwide loan.
Gow claimed that then Landbak chairman de Ocampo and president Teves, together with their loan officer Peter Edmard Tamayo, connived with Cabangis and his partner, former Uniwide Comptroller and Assets Manager Corazon Rey, of deceiving him and rigging the ?dacion en pago? of real properties and Uniwide shares ?without the knowledge and prior approval? of the UHI?s board of directors and its investors.
Gow said Jacob, along with his co-members in the SEC Interim Receivership Committee (IRC), Cornelio Peralta and Arthur Aguilar, ?tricked and deceived into signing the dacion en pago agreement by the respondents, particularly Jacob who threatened to issue a liquidation order if I did not sign.?
?LandBank officials, particularly respondents Teves, who was then the president [of LandBank] and Tamayo, the loan officer, connived with respondents and did not release/return Uniwide Hondings? 359-million shares of stock worth P1.8 billion. As a consequence of the crime perpetrated by respondents and Landbank through its officials [De Ocampo, Teves, and Tamayo], we suffered damages,? Gow said
Go claimed his troubles began when he took in SGV & Co. partner Cabangis as his financial executive in 1993 to lead Uniwide?s planned initial public offering (IPO).
Cabangis formed Uniwide Holdings Inc. whose IPO generated P4 billion from 27,000 investors in 1996. Gow claimed Cabangis, who gave himself an annual salary of P5 million, took advantage of his trust by conspiring with officials of Landbank and the SEC.