MANILA, Philippines – As per the Philippines Competition Commission (PCC), the country’s administrative agency that supervises anti-competition operations, no one is higher than the law. It’s not important whether you are a devoted supporter of President Duterte or a part of the Davao political group of executives close to the President.

The public was surprised by the PCC when it issued a ruling in the previous month that nullified and voided the transaction of the Udenna Corporation owned by Dennis Uy after which several industry sources noticed that Uy appears to be dealing with things easily through the commission. This was the first time that the PCC declared such a ruling.

The commission determined that Udenna Corporation did not advise the PCC of the company’s transactions with KGL Investment Cooperatief U.A. in 2016. The deal included KGLI Coop’s sale of its entire shares with KGL Investment B.V. to Udenna Corp. KGL Investment B.V. partly owns the Negros Navigation Company (Nenaco), thus, at the time preeminently owns the 2GO Group.

The transaction was an absolute opposition to PCC’s positive and immediate ruling on the deal involving Uy’s businesses – Chelsea’s investment on Starlite Ferries as well as Udenna’s acquisition of Clark Global City.

Dennis Uy is one of the most successful and youngest businessmen in the Philippines. He is recognized to be a Duterte supported and Bong Go’s close friend.

Although the media-shy and low-key Dennis Uy doesn’t show-off his affiliation with the President, Duterte, he is vocal that he doesn’t see anything wrong with their connection.

During the 10th year anniversary of Uy-owned Phoenix Petroleum’s listing, President Duterte attended and honored the Philippine Stock Exchange grand ceremony. Uy was also previously appointed by Duterte as Presidential Sports Adviser.

According to a filed complaint by Negros Holdings, lawyers from outside and inside the commission concur that Udenna without a doubt made an error, as a result of PCC’s edict against it.

Later, Negros Holdings withdrew its complaint against Udenna; it was already late, however, since PCC has already conducted an investigation.

Sources from the industry said that to be fair to Uy and Udenna, its failure to inform the PCC is an honest mistake and that it wasn’t its intention to go around the regulations.

Arsenio, the commission’s chairman, explained that the decision regarding Udenna or to any other else was not political.

Arsenio pointed out that Commissioner Amabelle Asuncion, appointed by Duterte, opted to nullify the transaction and Stella Quimbo, appointed by Aquino, disagreed on the other hand.

Balisacan said that the committee constituted some of the brilliant minds of the country who review every case prior to making a decision. He added that PCC is merely putting the law into action.

According to a source, Uy’s sect may just submit a notification, which according to Balisacan is the most reasonable thing to make.

However, Dennis Uy refused to make a statement regarding the issue.

Stock Signals Philippines
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