The Department of Justice (DOJ) has ordered the filing of syndicated estafa charges against Indonesian businessman Shadik Wahono and four of his associates – Dodik Marseno Catur Utomo, Sahra Mayor, Alvin Bugtas, and Joel Rayos – for syndicated estafa before the Mandaluyong Regional Trial Court.
The DOJ has recommended no bail for the accused. The complaint alleged that Wahono misrepresented that his company, PT Citra Lamtoro Gung Persada (CLGP), is the legal owner of Citra Central Expressway Corp. (CCEC) shares acquired by SMHC.
According to SMHC, CLGP cannot be the legal and beneficial owner of the shares since the subscription price was actually paid for by Citra Metro Manila Tollways Corp. (CMMTC) funds, of which SMHC was also a beneficial owner at that time.
Instead of disclosing this, they allegedly remained silent and deliberately concealed their interest in DESTRA, Inc. during the CCEC’s Annual Shareholders’ Meeting.
SMHC, through its legal counsel, also revealed the alleged unauthorized disbursement of CMMTC funds, worth millions of pesos, of which both SMHC and Wahono at that time were major shareholders. – BusinessNews.ph