Luis Virata leaves Nickel Asia, son Buster takes over board seat

Mining giant Nickel Asia’s (NIKL) boardroom is getting a makeover with one of its funding directors leaving the company after 14 years.

Bilyonaryo Luis Juan L. Virata has resigned effective June 29 citing “personal reasons.” Virata ranked No. 48 on Forbes’ 50 richest Filipinos in 2020 with a net worth of $115 million.

The 68-year old Cambridge and Wharton alumnus will be replaced by his son, Leonides Juan Mariano “Buster” C. Virata.

Buster is CEO of Cavitex Holdings and managing director of MTC Investment Properties. He used to work with Platinum Securities from 2006 to 2010.

Only bilyonaryo Philip Ang has remained among three original founders of NIKL. Former chairman Manny Zamora retired three years ago but his children have taken over the largest nickel mining firm – his son Martin Antonio is president while his daughter Maria Patricia Z. Ringen is director.

Aside from Virata, two other directors have stepped dwon from the NIKL board – Masahiro Kamiya (who was replaced by Shiro Imai as board representative of Sumitomo Metal Mining Philippines) and Jaime Bautista (who has been recently named Transportation Secretary of President-elect Bongbong Marcos).

ERC to look into complaints of overcharging by power firms

Numerous complaints on increasing electricity rates have prompted the Energy Regulatory Commission (ERC) to launch an investigation on the accuracy and reasonableness of the generation rates being passed on by distribution utilities (DUs) to its consumers.