Megawide says arrest warrants out vs GMCAC officials
Megawide听Construction Corp. said the Lapu-Lapu City Regional Trial Court has issued arrest warrants against the officials of GMR听Megawide听Cebu Airport Corp. (GMCAC) over alleged violations of the Anti-Dummy Law in connection with the Mactan-Cebu International airport (MCIA) contract.听听听
鈥淭his is the latest development in a long line of attempts to bring down听Megawide’s听reputation and credibility that, will be recalled, began with its bid for the rehabilitation of (Ninoy Aquino International Airport),鈥澨齅egawide听said in an e-mailed statement on Friday.听听听
GMCAC is a joint venture between听Megawide听and India鈥檚 infrastructure giant GMR Group that won in 2014 the government contract to develop and operate the MCIA.听听
The Department of Justice in October indicted 15 executives of GMCAC based on a complaint filed by the National Bureau of Investigation. The list included eight foreign nationals who were accused听of听 being听involved in the operations of GMCAC 鈥渋n conspiracy鈥 with Filipino executives, including听Megawide听Chief Executive Officer and Chairman Edgar B. Saavedra.听听听
鈥淭his is a procedural step to acquire jurisdiction over the persons of the said directors, and is being addressed with the posting of bail,鈥澨齅egawide听said.听听听
At the stock exchange, shares of听Megawide听slumped by 3.39% to close at P5.42 apiece on Friday.听听听听
The listed construction firm told the stock exchange that the arrest warrants came despite their “timely filing鈥 of a motion seeking to defend themselves before the court.听听听听
Megawide听officials also asked for the deferment of the arrest warrant, should there be one, and the dismissal of the case for the lack of probable cause and due process.听听听
鈥淕MCAC transformed the MCIA into the Philippines’ only internationally-acclaimed and award-winning airport, and have done so through a firm adherence with all applicable laws, rules, and regulations, particularly as both are widely-held publicly-listed companies,鈥澨齅egawide听said in the statement.听听听
鈥淲e will diligently respond to this case in the proper fora and abide by the judicial process,鈥 it added.听 — Keren Concepcion G. Valmonte 听
