Poblador group’s claim devoid of legal basis

We write in response to the letter of Concepcion Poblador who styles herself as chair of Philcomsat Holdings Corp. (PHC) and vice president of POTC and Philcomsat in “Poblador’s group has CA ruling on its side.” (Inquirer, 12/20/11)

First of all, there is no “Poblador Group” to speak of. Concepcion speaks only for herself and no other. The interests of the Poblador family in the Philcomsat Group of Companies are owned by the estate of Honorio Poblador Jr. and Elnor Investment & Management Corp., both represented by her estranged sibling, Rafael A. Poblador who, in 2007, already disowned Concepcion and denied that she has been appointed as their representative.

Second, Concepcion claims that her “group” is the legitimate board by virtue of an SEC order upholding the validity of its POTC meeting in 2004 that Independent Realty Corp. (IRC) and Mid-Pasig Land Development Corp. (MPLDC), both sequestered companies, attended. Significantly, her quorum at the meeting was based on the attendance of these two companies. Unfortunately for her, the Supreme Court in GR No. 171964 ruled that neither IRC nor MPLDC is a stockholder of POTC and has not been since January 2000. Consequently, her “group” which presumably includes Philippines Free Press president Enrique Locsin and former PNR general manager Manuel Andal (both nominees of IRC and MPLDC, and who incidentally were recently charged by the Ombudsman for graft and corruption), cannot claim to be legitimate directors of POTC. Thus, the SEC order that she keeps brandishing is simply a useless piece of paper.

The only reason Concepcion insists on her claim that she is a director/officer in the Philcomsat Group of companies is simply to put a stamp of legitimacy on the P16 million that she spirited out of the PHC’s coffers just hours before the Regional Trial Court of Makati froze PHC’s assets that were under the control of the Locsin/Andal/Poblador tandems, and the Toyota Camry that PHC first gifted to former PCGG Commissioner Ricardo Abcede, which Poblador later took possession of, then totally wrecked and abandoned in a Toyota parking lot.

The Office of the President, the Department of Justice, the Department of Finance, the Presidential Commission on Good Government, the Securities and Exchange Commission and the Philippine Stock Exchange all recognize our group as the legitimate board of the Philcomsat Group of Companies. Concepcion’s claims are therefore nothing more than incoherent ramblings of a rather disturbed woman.

—KATRINA PONCE ENRILE,

chair, Philcomsat Holdings Corp.;

president/CEO, POTC;

LIN I. BILDNER, chief finance officer,

Philcomsat Holdings Corp.;

president/CEO, Philcomsat