The Justice department has approved the prosecution of three Indonesian businessmen led by Shadik Wahono and two Filipinos for syndicated estafa for allegedly defrauding San Miguel Holdings Corp. by misappropriating its shares worth millions of pesos.
In a resolution approved by Acting Prosecutor General Richard Fadullon, the department found probable cause to indict Wahono, Dodik Marseno Catur Utomo, Sahra Mayor and Filipinos Alvin Bugtas and Joel Rayos before the Mandaluyong Regional Trial Court.
The resolution was dated June 18, 2018 but was released only recently and recommended no bail for the five accused.
The case arose from the complaint lodged by SMHC, the infrastructure arm of San Miguel Corp., against the five respondents.
San Miguel says Wahono had claimed that his company, PT Citra Lamtoro Gung Persada or CLGP, was the legal owner of the Citra Central Expressway Corp. or CCEC shares acquired by SMHC.
SMHC said CLGP could not be the legal and beneficial owner of such shares since the subscription price was actually paid for by Citra Metro Manila Tollways Corp. or CMMTC funds, where SMHC was also a beneficial owner at the time.
San Miguel said the respondents allegedly remained silent and deliberately concealed their interest in DESTRA Inc. during the CCEC’s annual shareholders’ meeting.
San Miguel also accused the respondents of unauthorized disbursement of CMMTC funds worth millions of pesos. Both SMHC and Wahono were major shareholders of CMMTC at the time.
San Miguel said the Wahono group allegedly used the funds to incorporate another company called Citra Central Expressway Corporation or CCEC, noting that the transfer of money was listed as a “loan” from CMMTC to Wahono’s CLGP for the incorporation of CCEC.
San Miguel also accused Wahono of entering into a separate partnership with SMHC for CCEC to undertake the Skyway Stage 3 project.
In its resolution, the Justice department gave weight to San Miguel’s allegations that the respondents defrauded CCEC, which resulted in the misappropriation of money contributed by SMHC to CCEC.