Sotto’s revenge
| BLURBAL THRUSTS |
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| Louie Logarta |
Sen. Tito Sotto wants to ferret out those who emerged as the “winners” in the 1996 subdivision deal entered into by Ayala Land Inc. (ALI) and the Capitol Hills Golf and Country Club (CHGCC).
“Malamang may kumita d’yan,” he told reporters.
Sotto should know his onions, because he is one of the leading figures of the 3rd district of Quezon City which is where the plush Ayala Heights Subdivision is located.
Explaining the deal, Sotto said Capitol (where he was once chairman of the board of directors) had coughed up some 220,000 sq. m. of prime land worth approximately P20,000 per back then or about P4.4 billion, while ALI provided the funds for the development at P4,000/sq. m. or about P880 million.
While Capitol’s contribution was five times bigger than that of ALI, it ended up with only 40 percent of the pie while the latter came away with the lion’s share.
“This is grossly disadvantageous to CHGCC and its members,” he said..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/commentary/20101114com4.html
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