MANILA, Philippines – GMA Network Incorporated Chairman and CEO Felipe L. Gozon welcomed the dismissal of the syndicated estafa complaint filed against him by businessman Ramon S. Ang before the Department of Justice’s (DOJ).
A statement from the office of Gozon on Friday, September 11, said, "There was clearly no basis for the charge of estafa – much less syndicated estafa – as there was absolutely no deception or fraud employed by the Gozon Group in the sale transaction of their GMA shares to Ang."
"The settlement agreed upon by Ang and Gozon – through the efforts of a common friend – was reasonable and was mutually accepted by them," the Gozon Group said Friday.
"Ang received back his P1 billion ($21.37 million) from Gozon and, in return, Gozon received a substantial amount from Ang. The parties agreed to keep the details of their settlement confidential," the statement read.
In his complaint before the DOJ, Ang claimed that the Gozons never returned his P1-billion ($21.37 million) downpayment for his planned purchase of 34% of GMA 7’s shares – despite an agreement stipulating a return of the money should negotiations eventually fail.
The talks between both sides collapsed in June. GMA Network announced the breakdown of negotiations through a disclosure at the Philippine Stock Exchange, catching Ang by surprise.
In August, Ang said he agreed to end his dispute with the Gozon group over a P1-billion ($21.37-million) downpayment for the failed acquisition of a minority stake in the broadcast giant.
He said then that Felipe L. Gozon, who heads GMA Network Incorporated, agreed to return the P1-billion ($21.37-million) downpayment to the businessman. Ang also said he agreed to withdraw the syndicated estafa complaint.
The case was filed with the Department of Justice against Gozon, Felipe M. Gozon, Jr., Anna Teresa Gozon-Abrogar, Ismael Agusto S. Gozon, Belinda G. Madrid, Ma. Erlinda G. Gana, Jaime Javier Gana, Florencia Gozon Tarriela, Edgar Tarriela, and Tricia Tarriela Valderrama. – Rappler.com