GMA-7: Duavits 'owners' of shares Imee claims

The family members of Gilberto Duavit Jr., executive vice president and chief operating officer of GMA Network Inc., "are the real and actual owners" and "have concrete proof of their ownership" of the shares being claimed by former Ilocos Norte representative Imee Marcos, an official statement of GMA Network said Friday evening. “Sometime in 1986, a former owner of Republic Broadcasting, Loreto F. Stewart, sought to recover shares of the Duavits and even asked for injunction to prevent the registration of the shares in their favor but this was rejected by the Court," said Atty Gener E. Asuncion, GMA counsel. “Finally, Mrs. Stewart gave a notice of dismissal of her complaint and on November 28, 1986, the Court dismissed the complaint," Asuncion added. According to Asuncion, "the SEC (Securities and Exchange Commission) had already approved the registration statement of GMA-7 and issued the corresponding certificate of permit to offer 'Securities for Sale' last July 16, 2007. The Philippine Stock Exchange had approved the IPO on June 28, 2007." Imee Marcos' letter, submitted at the close of office hours Friday with the SEC, "would have no adverse effect on the strong interest of the investing public in the IPO and on the promising share prices of the GMA-7 shares," Asuncion said. Imee's letter In a six-page letter filed Friday with the SEC, Imee Marcos claimed ownership of 28.35 percent of GMA Network Inc., equivalent to shares that the late strongman Ferdinand Marcos supposedly acquired but entrusted to Gilberto Duavit Sr., father of GMA-7 chief operating officer Gilberto Duavit Jr., in 1983 or 24 years ago. Marcos sought but failed to secure the suspension of the GMA-7’s initial public offering(IPO) slated on Monday. She asserted that the IPO must be suspended because there was a “cloud of doubt" surrounding the ownership of the company. Interviewed by GMANews.TV, Marcos said that because she filed the letter past the 5 p.m. close of office hours, her letter would be considered filed on Monday yet. A second letter by her mother, Imelda, was pulled out at the last minute, because of typographical errors, she said. SEC: IPO still on SEC commissioner Juanita Cueto said GMA-7’s listing continues on Monday. “As of now, tuloy ang listing ng GMA. SEC cannot stop the listing, only the court can stop the listing," she said. In her affidavit, Imee Marcos said: "I want the public to know that there is a cloud of doubt with regard to the shares of GMA Radio Television Arts and/or its successor-in-interest which are held in the name of Mr. Duavit and/or his family, were purchased with my late father's personal funds." GMA raised P7.76 billion from its maiden offering, where it sold 91.346 million common shares and 822.115 million depositary receipts at P8.50 each, the affidavit stated. Imee Marcos told GMANews.TV that her mother's affidavit was supposed to have been submitted also on Friday, except that it had an "embarrassing" misspelling of the name of one of the SEC commissioners. "There are two letters, mine and my Mom's. My Mom's, with reference to the acquisition and ownership of GMA-7 by Duavit, mine re note submitted by Duavit (in) '83 re 'silent owner' he was representing," Imee Marcos said in a text message to GMANews.TV. Asked why the Marcoses filed their letters rather belatedly, Imee Marcos explained: "We had to check if the shares were listed as sequestered in the cases before the Sandiganbayan. Our lawyers found out quite late that the GMA shares had been dropped from the lists." In the affidavit she annexed to her letter, Imee Marcos said that "sometime in 1983, my father instructed me to undertake a legal audit of certain companies in which he had an interest in." Handwritten note "Shortly thereafter and following a number of telephone calls and a breakfast meeting in Greenhills with then Assemblyman Gilberto Duavit and his daughter Judith, a report was sent to my office in Independent Realty Corporation Building on EDSA in Quezon City," Imee Marcos said. Assemblyman Duavit, who also served as minister for sports under Ferdinand Marcos, is the father of Gilberto Duavit Jr., who is now the executive vice president and chief operating officer of GMA Network. Imee Marcos attached to her affidavit a note supposedly handwritten by Gilberto Sr, on a stationery stamped with his name as assemblyman, dated September 16, 1983. The note read: "Dear Imee - I hope the presentation is clear enough. The political aspects intentionally excluded which I believe should be discussed with you personally -- with some other options in mind. regards, Sincerely, Bibit." Its postscript read: "Say hello to the champs for me." According to Imee Marcos, "based on the attached report, it is clear that Mr Duavit did not own the shares but was merely the representative of a 'silent partner.'" "I have personal knowledge of the foregoing facts because I personally handled the safekeeping of the shares of stock evidencing ownership of said shares," Imee Marcos stated. GMA-7 statement What follows is the full text of the statement of GMA Network: "Shortly before the scheduled listing of the GMA shares, a letter dated July 23, 2007 was sent by Ms. Maria Imelda “Imee" Marcos to the Securities and Exchange Commission (SEC) claiming that the shares of the Duavit family are owned by the late President Ferdinand Marcos, which he bought from Republic Broadcasting thru Gilberto M. Duavit in 1973. The shares amount to 28.35% of the share capital of GMA-7. "GMA counsel Atty. Gener E. Asuncion said that the Duavits are the real and actual owners of the shares and have concrete proof of their ownership. "'Sometime in 1986, a former owner of Republic Broadcasting, Loreto F. Stewart, sought to recover shares of the Duavits and even asked for injunction to prevent the registration of the shares in their favor but this was rejected by the Court," Asuncion said. "'Finally, Mrs. Stewart gave a notice of dismissal of her complaint and on November 28, 1986, the Court dismissed the complaint," he added. "'Asuncion said that the SEC had already approved the registration statement of GMA-7 and issued the corresponding certificate of permit to offer “Securities for Sale" last July 16, 2007. The Philippine Stock Exchange had approved the IPO on June 28, 2007. "'The listing of GMA shares will be held on Monday, July 30, as scheduled. No restraining order or injunction has been issued by SEC or any Court," Asuncion said. "Asuncion also said that the letter of Ms. Marcos would have no adverse effect on the strong interest of the investing public in the IPO and on the promising share prices of the GMA-7 shares." GMANews.TV is the official web site of GMA News & Public Affairs, a unit of GMA Network. - GMAnews.TV