Thursday, August 20, 2009

Jarius Bondoc Says Congressman Suarez Hosted Arroyo Dinner to Press Suarez-Kin-Owned Coco Resources Corp. P1B DBP "Behest Loan" Application

20 August 2009

Hard-hitting Philippine Star columnist Jarius Bondoc sees an ulterior motive in Congressman Danilo Suarez's hosting the Arroyo dinner at Bobby Van's.  

In his Philippine Star column entitled GMA's dinner hosts needed govt favors, this is what Bondoc alleges about Suarez, his relatives, the company known as Coco Resources Corporation and the P1B that the corporation is reportedly seeking from the DBP to construct a 10-megawatt power plant in Quezon province:
"Suarez is rushing state-owned Development Bank of the Philippines to lend him P1 billion by month’s end. The money is for Coco Resources Corp., where Suarez’s sister, three children and son-in-law are stockholders and directors. CRC supposedly will erect for $22.7 million a 10-megawatt power plant (originally planned for only 1-MW) in Quezon. A lawyers club deplores Suarez’s loan as behest. CRC lacks collateral and capital, proceeds will go to activities other than the plant, and corporate layering masks the crony, cries Sentro Gabay Legal ng Quezon. But Arroyo appoints directors to the DBP board. With a hand wave she can signal them to dole P1 billion."
"Behest!  That's what some concerned citizens of Quezon are characterizing the P1 billion loan being applied for by Coco Resources Corp. that is owned by Suarez kin.

More on this "behestory" ... ehe ... story in this Balitanghali report by Sherry Ann Torres courtesy of GMANews.tv:



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