MANILA, Philippines – Businessman Antonio Tiu has gone to court to reclaim 750 million shares of his holding company Greenergy, alleging that his former business partners — longtime friends with ties to the Binay family — “duped” him out of P187.5 million after failing to pay for the shares.
Tiu, through his company Earthright Holdings, has filed a civil case against Greenergy Holdings and MIS Maritime Holdings (MIS) to cancel a deal where he gave up 750 million of his partially paid common shares in Greenergy.
The 2023 agreement assigned Tiu’s 750 million Greenergy shares to MIS for P187.5 million. MIS was also obligated to pay the additional P562.5 million needed to fully cover the subscription. But Tiu claims that although he signed an acknowledged receipt for the P187.5 million, he never actually received the money.
“Mr. Tiu only signed the said documents believing in good faith and trusting [Edgardo Lacson] and [Daniel Subido] that the consideration for the transfer of the Subject Shares would eventually be received by Earthright,” read a copy of the complaint obtained by Rappler.
Tiu’s complaint further alleged that there was no intention to pay the amount since MIS “was already closing and ceasing its operations effective last October 30, 2022.”
What led to this deal in the first place? Months before, Tiu had begun to divest management responsibilities after he was shortlisted for the position of agriculture secretary.
Earlier in November 2022, Tiu had nominated Martin Subido to “temporarily substitute” for him as chairman of Greenergy, with his brother Daniel acting as chief executive officer. A little later in January 2023, Lacson and Martin Subido convinced Tiu to “temporarily resign as director of Greenergy and assign his shares to them in blind trust.”
Tiu had known Martin and Daniel Subido since their college days together, while he had worked with Lacson for 10 years.
“They were always working for me for decades,” Tiu told Rappler in an interview on Thursday, August 15. “It’s really a big surprise.”
Later in 2023, Daniel Subido persuaded Tiu to assign the shares for P187.5 million, which Tiu intended to use to settle his company’s obligations and liabilities. This included a P15 million obligation with Maybank Securities and a P33.6 million obligation with China Bank Securities — obligations which Tiu’s company Earthright have since defaulted on.
“At that time, they were convincing me na bilhin na lang nila. E inisip ko, if the price is right, okay lang. So [they] prepared [the receipt]. Kinuha nila lahat. Tapos, nasaan ‘yung bayad?” Tiu said. “Nakuha na nila itong 750 million shares for free. Ngayon, pinipilit nila na ibagsak na ‘yung share price.”
(At that time, they were convincing me to let them buy [the shares]. I thought, if the price is right, that’s okay. So [they] prepared [the receipt]. They got everything. Now, where’s the payment? They got 750 million shares for free. Now, they’re forcibly driving down the share price.)
Binay connection?
The personalities behind the companies that Tiu is suing — Martin and Daniel Subido, and Edgardo Lacson — have long been associated with the Binay family.
Both Martin and Daniel Subido are senior partners at Subido Pagente Certeza Mendoza & Binay Law Offices, the law firm co-founded by former vice president Jejomar Binay. Martin Subido served as a lawyer of Jejomar Binay and, at one point, was a law firm partner of then-Makati lawmaker Abigail Binay. Daniel Subido was the legal counsel for the Office of the Vice President. Meanwhile, Lacson sat as the secretary for the JC Binay Foundation and once joined the official delegation of the former vice president to a trip in Germany.
Tiu himself has ties to Jejomar Binay, with his younger brother James having donated millions to his vice presidential campaign.
For months in 2014, Tiu figured at the center of a grueling Senate investigation into corruption allegations against former vice president Binay. Lawmakers highlighted his link to the so-called “Hacienda Binay” in Rosario, Batangas. The 150-hectare property is listed under the ownership of Sunchamp Real Estate Development Corp., which is in turn majority owned by Tiu’s Greenergy and minority owned by Tiu directly.
The businessman was also accused of being a dummy for the Binays, which he has denied.
“Na-Senate ako because of that Hacienda Binay kaya medyo dumapa ako. Sila naman, dahil naging mayor si Abby, sila naman ‘yung umangat,” Tiu told Rappler.
(I was called to the Senate because of that Hacienda Binay, which led me to fall a bit. On the other hand, they rose up because Abby [Binay] became mayor.)
Tiu’s case, now filed in a special commercial court in Bulacan, pits him against former close friends and could reopen the can of worms around the Hacienda Binay controversy.
“GREEN’s story will never be complete without us talking about Hacienda Binay. Let’s open the books & talk about alleged irregularities. Back to Senado (Senate)? AMLC? BIR?” Tiu said in a social media post on Thursday. – Rappler.com