Duterte crony Dennis Uy and his wife, Che, basked in the glamorous world of the Singapore Grand Prix, rubbing shoulders with the elite while their sprawling Udenna group business languished under the crushing weight of heavy debt and staggering losses.
Celebrity John Estrada’s Instagram posts placed Dennis and Che at the F1 Paddock Club during the recent Singapore Grand Prix, appearing unfazed by their predicament.
Accompanying the Udenna chairman and treasurer at the Club was the company’s director, Raymundo Martin “Marty” Ecalona, who also holds a directorship in the couple’s beleaguered casino subsidiary, PH Resorts.
The Uy couple preside over four listed companies – DITO CME, Phoenix Petroleum, PH Resorts, and Chelsea Logistics – collectively posting a staggering combined loss of P32.5 billion in 2022, accompanied by a 30% to 45% decline in their stock values over the past year.
These corporations are also burdened with a substantial debt load, subject to ongoing negotiations for debt relief and extended payment terms.
Some of the group’s suppliers even had to go to court to force their firms to pay up. Dennis has also sold some of his assets in Malampaya and Clark Global City, closed down some branches of his convenience store, and let go of some of his frivolous purchases from his Pac-Man days during the Duterte administration.
Interestingly, the Uy couple seemed unaffected by the financial turmoil that has engulfed the Udenna Group since the start of the pandemic, as they strolled along the pit lane and enjoyed themselves in the lounge.
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