PNCC, MWSS under fire
| C.R.O.S.S.R.O.A.D.S |
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| Jonathan De la Cruz |
Two of the worst performing GOCCs are in the news yet again. The Commission on Audit (CoA) has advised that the Philippine National Construction Corp. (PNCC), formerly CDCP, granted unauthorized and excessive allowances to its board of directors, officers and employees and paid out consultancy and other fees to various individuals and entities in violation of existing rules and regulations. The company whose tollways franchise has expired also owes the government P7 billion in concession fees and related liabilities. The state audit office noted that the PNCC also gave P261 million in unauthorized cash advances to its employees which were not covered by any board resolution; paid out P3.3 million in retainer and legal fees and another P1.61 million in consultancy fees and other benefits.
PNCC is the same firm which nearly lost billions of pesos worth of valuable real estate at the reclamation area to a BVI company, Radstock, based on a spurious document of indebtedness issued in the ’80s yet. It is also the same firm which has been accused of surrendering its rights, privileges and even assets to its joint venture partner — Malaysian firm MTD Berhad — in the controversial South Luzon Expressway (Slex) project..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/commentary/20101215com4.html
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