Another AbraMining-type scandal brewing under Ramon Monzon’s nose? Marvin Dela Cruz smells something fishy in PHA’s move to delay annual meeting

Self-proclaimed visionary Marvin Dela Cruz scoffed at Premiere Horizon Alliance (PHA) board’s move, which includes his frenemy treasurer Brian Leong, to postpone its annual stockholders’ meeting scheduled on December 28.

The founder of e-wallet bust SquidPay Technology went on Twitter to express his skepticism over the delay in the annual meeting, which has been moved to March 2022, for what he believed as a dubious reason.

Wala daw delicadeza! SquidPay’s Marvin Dela Cruz opposes delay of PHA meeting where he plans to face off with frenemy Brian Leong

“Seriously PHA Board? You moved the ASM ‘To allow the Corporation time to resolve issues involving the proper identification of stockholders’. Are you suggesting an issue with the Stock and Transfer Agents or similar to ABRA?” said Dela Cruz on Twitter.

Dela Cruz was referring to the Abra Mining stock scam wherein the shell company, owned by James Beloy and his family, sold shares in excess of its listed shares in the Philippine Stock Exchange.

Abra had about 258.96 billion shares lodged with the Philippine Depository & Trust Corp. (PDTC) as of 16 February 2021, or 254 percent more than its declared listed shares of 72.95 billion.

SquidPay bust! PHA ditches plan to acquire 33% of Marvin Dela Cruz’s fintech firm

Since the PSE suspended trading of ABRA in February 2021, Monzon has yet to delist the stock or punish the players involved in one of the biggest scams in the local stock market.

In PHA’s case, Dela Cruz previously accused PHA management of transferring his group’s shares without legal documentation.

Dela Cruz, who owns 24 percent in PHA,is confident he would take control of PHA if the annual meeting pushes through. Leong and his mother, Marian Pena, and his sister, Christina Pena Leong, have only 2.5 percent share in PHA.

SquidPay no pay! PHA treasurer Brandon Leong sues Marvin Dela Cruz for unpaid P100M loan

Dela Cruz and his former adviser, Leon, are currently locked in an ugly legal battle for control of PHA.

Leong, who is trying to collect on the P100 million loan he gave to Dela Cruz for SquidPay’s expansion, obtained a court order freezing Dela Cruz’s assets, including PHA shares. But Dela Cruz pointed out that the court did not allow the transfer of his voting rights.

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.