The Office of the Ombudsman special fact-finding team has recommended charging graft complaints against former Vice-President Jejomar C. Binay and 36 others over the sale of the Boy Scout of the Philippines-owned property in Makati City.
The Field Identification Office (FIO) reported it has completed investigations over the “grossly undervalued” sale of the 10,000- square meter property to Alphaland Makati Place, Inc. (AMPI)
The FIO found the property was sold in June 2011 for P600 million, way below the P1.75 billion mortgage price.
The sale was grossly undervalued considering that under the Omnibus Loan and Security Agreement between BSP and AMPI, the Malugay property was mortgaged for P1,750,000,000.00 which is indicative of the property’s true value,” the Ombudsman said in a statement issued Wednesday. — Charmaine A. Tadalan