Ayala buys Negros Grace Pharmacy

Posted by watchmen
February 11, 2019
Posted in HEADLINE
Lo matriarch cries foul, sues two sons
By Dominique Gabriel G. Bañaga
Negros Grace Pharmacy stockholder Corazon Lo recently filed a writ of preliminary injunction, which is submitted in the early stages of a lawsuit, after the company was sold to Ayala Healthcare Holdings, the healthcare arm of the Ayala Corporation.
According to documents related to Case No. 19-115, Lo accused her sons Ian Manuel and Theodore Manuel of deception, claiming they never informed her of the sale. She added, the former signed the purchase agreement on December 6 of last year but she only learned about the development on the news the following day.
Also named in the case were her daughters-in-law Ma. Paz and Sheila, the Samuel Drug Corporation, Steventson Drug Corporation, Jasminum Corporation, the corporate secretary for Negros Grace Pharmacy, and Ayala Healthcare Holdings.
In her case, she also claimed capital gains taxes and documentary stamp taxes were not paid as the sale of shares were “simulated” and a certificate authorizing registration was not issued. Such documentation is essential when transferring a title.
According to the elder Lo, Ian transferred his Negros Grace Pharmacy shares to the Jasminum Corporation, which holds 99.9 percent of the company’s equity.
She said the transfers were made without her knowledge and consent, and are a clear violation of her rights as owner of the shares.
The accuser also claimed Ian refused to furnish her with certain records such as letters from prospective buyers; offer amounts; replies or letters of intent from prospective buyers; internal records; and the share purchase agreement.
She is seeking to have all stock deeds of assignment, bills of sale, and deeds of sale to her sons and daughter-in-laws be rendered as null and void; along with requiring the defendants to present their corporate books and records, as well as the share purchase agreement, to be inspected by the plaintiff.
Watchmen Daily Journal tried to contact the defendants but, as of press time, only Ian replied but refused to issue a statement.
However, he cited an earlier statement by his legal counsel, Atty. Asia Canieso, which states his mother’s claims on shares is “not accurate” and affirmed they have confirming documentation.
The aforementioned documentation claims, in 2016, the elder Lo stated she has no more claims, interests, rights, and participation in Negros Grace Pharmacy, as well as acknowledging the company’s possible sale./DGB, WDJ

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