THE chairman and co-founder of property developer The Net Group (TNG), which is now controlled by the SM group, announced his “immediate and irrevocable” resignation from posts he held at the company’s land and building units.
In an e-mail, a representative of TNG Chairman Jacques Dupasquier said he has stepped down as chairman and director of N-Park BGC Properties, Inc., N-Lima BGC Properties, Inc., and N-Park BGC Land, Inc.
Mr. Dupasquier has also resigned as the president and director of the following firms: N-One BGC Properties, Inc., N-Square BGC Properties, Inc., N-Cube BGC Properties, Inc., N-Quad BGC Properties, Inc., N-Plaza BGC Properties, Inc., N-One BGC Land, Inc., N-Square BGC Land, Inc., N-Cube BGC Land, Inc., N-Quad BGC Land, Inc., and N-Plaza BGC Land, Inc.
The land and building companies were formerly part of the TNG portfolio, which are now majority-owned by the SM Group.
Mr. Dupasquier, however, noted that he remains as chairman of The Net Group Real Estate Management Corp. (TNGREMC), a separate entity that acts as the asset manager of the mentioned firms.
“Given this set-up where he wears three hats — officer and director of land and building companies, chairman and major shareholder of TNGREMC, and the brand’s sole owner — he felt that a conflict of interest might arise, hence the resignation,” his representative said.
“For instance, the vision and values of the above-mentioned companies are no longer aligned with his and that of the brand he built.”
In a statement, Mr. Dupasquier noted that majority of the shares of these firms are held by SM Investments Corp. (SMIC).
SMIC has yet to respond to requests for comment on Mr. Dupasquier’s resignation.
TNG controls seven office towers covering 267,763 square meters in gross floor area primarily catering the business process outsourcing sector. The towers are located in the only IT park certified by the Philippine Economic Zone Authority inside Bonifacio Global City in Taguig, according to an investors’ presentation posted on SMIC’s website.
SMIC first acquired a stake in TNG back in 2013, in an effort to boost its office portfolio in the booming financial district of Taguig. It now owns 95% of the group. — Arra B. Francia