MANILA, Philippines — Businessman Jose Roberto “Robbie” Antonio quit his post as director in his father’s Century Properties Group Inc. after facing allegations of duping contractors for his separate start-up company.
In a disclosure to the stock exchange on Monday, Century Properties said the company’s board of directors approved Antonio’s resignation “effective immediately.” The company is currently looking for a replacement.
“The Board noted that the reason for his resignation is to allow him to focus on addressing the pressing issues in his own company and its allied businesses,” Century Properties said. Shares in the property company shed 2.41% to close at P0.405 on Monday, a bigger drop than 1.68% decline in the main index.
Antonio is the son of Jose E.B. Antonio, chair of Century Properties.
According to a report by ABS-CBN News last Friday, nine businessman filed complaints against the younger Antonio’s start-up company Revolution Precrafted Properties Inc. before the National Bureau of Investigation for duping them with questionable contracts amounting to P150 million.
The complainants, who are engaged in furniture, fixtures and construction business, said they bagged contracts for Revolution Precrafted’s real estate projects, but suffered losses after deals were not honored because the projects failed to secure government permits to proceed. While a complaint was filed, Antonio is looking to settle with the contractors amicably.
In a statement last week, Antonio said he was unable to pay the suppliers because Revolution Precrafted Properties failed to collect receivables from landowners during the pandemic.
“Nonetheless, the company sincerely assures its stakeholders that it will honor all legitimate contractual obligations with its partners and suppliers, and only ask for some time consideration to resolve its issues. In parallel, we will also work in earnest to collect what is due the company,” he said.
In 2015, Antonio founded Revolution Precrafted to construct prefabricated structures designed by international architects and designers. — Ian Nicolas Cigaral
#realestateblogph | #realestateblogphpropertynews | #REBPH | #realestate | #CenturyProperties | #CenturyPropertiesGroup
Article and Photo originally posted by Philippine Star last February 22, 2021, 4:04pm.
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