By Donnabelle Gatdula
The Philippine Star
The bid of Government Service Insurance System (GSIS) president and general manager Winston Garcia to oust the Lopezes from the management of the Manila Electric Co. (Meralco) fizzled out yesterday after the power firm ignored an order from the Securities and Exchange Commission (SEC) to stop the stockholders’ meeting.
Meralco’s annual stockholders’ meeting started at 9 a.m. After a quorum was declared by Meralco corporate secretary Anthony Rosete, a cease-desist-order (CDO) was served by Hubert Guevera, SEC compliance and enforcement department director.
The Meralco board temporarily stopped the meeting and reviewed the order reportedly signed by SEC Commissioner Jesus Enrique Martinez.
After a few hours of deliberations with lawyers, Rosete, speaking for the board, announced that they had decided to go on with the meeting as they have deemed the order void. [...]
Garcia vowed to bring to court the Lopez group for defying the SEC order.
“Today is the beginning of the end of Mr. Manolo L. Lopez,” Garcia said.
“I see the light at the end of the tunnel because I firmly believe whatever Meralco has accomplished this morning will not last long. Truth and justice is on our side.”
Garcia told reporters after the meeting he is confident that he will succeed in changing the management of Meralco.
“And once we do that, we assure you that power rates will go down,” he said. [...]
Click here to red full text.
Read also, "Lopez Group 'Wins' But War Isn't Over", By Malaya
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The Lopez group and the GMA group were once partners in the "illegal" ousting of Erap from power then, but now they are bitter foes over "power" -- a power struggle.
With the same measure you measure it will be measured back to you: good measure, pressed down, shaken together, and running over. (Luke 6:38)
Meralco started acting like what the government administration did -- denial of coverage, suppression of information. Meralco seems to be non-transparent with the people. If they continue with their suspicious conduct, proxies of the government such as Winston Garcia could take advantage of the people's distrust of Meralco that could develop.
This issue has already started to overshadow other pressing issues of the nation, so if nothing good will come out from this squabbling that will bring real benefit to the people, then what a waste of time for the nation to have paid considerable attention of the matter.
Meralco’s annual stockholders’ meeting started at 9 a.m. After a quorum was declared by Meralco corporate secretary Anthony Rosete, a cease-desist-order (CDO) was served by Hubert Guevera, SEC compliance and enforcement department director.
The Meralco board temporarily stopped the meeting and reviewed the order reportedly signed by SEC Commissioner Jesus Enrique Martinez.
After a few hours of deliberations with lawyers, Rosete, speaking for the board, announced that they had decided to go on with the meeting as they have deemed the order void. [...]
Garcia vowed to bring to court the Lopez group for defying the SEC order.
“Today is the beginning of the end of Mr. Manolo L. Lopez,” Garcia said.
“I see the light at the end of the tunnel because I firmly believe whatever Meralco has accomplished this morning will not last long. Truth and justice is on our side.”
Garcia told reporters after the meeting he is confident that he will succeed in changing the management of Meralco.
“And once we do that, we assure you that power rates will go down,” he said. [...]
Click here to red full text.
Read also, "Lopez Group 'Wins' But War Isn't Over", By Malaya
----------
The Lopez group and the GMA group were once partners in the "illegal" ousting of Erap from power then, but now they are bitter foes over "power" -- a power struggle.
With the same measure you measure it will be measured back to you: good measure, pressed down, shaken together, and running over. (Luke 6:38)
Meralco started acting like what the government administration did -- denial of coverage, suppression of information. Meralco seems to be non-transparent with the people. If they continue with their suspicious conduct, proxies of the government such as Winston Garcia could take advantage of the people's distrust of Meralco that could develop.
This issue has already started to overshadow other pressing issues of the nation, so if nothing good will come out from this squabbling that will bring real benefit to the people, then what a waste of time for the nation to have paid considerable attention of the matter.
