Noynoy’s sharp turn on China deals after visit raises eyebrows By Virgilio J. Bugaoisan 09/14/2011

Noynoy’s sharp turn on China deals after visit raises eyebrows

By Virgilio J. Bugaoisan 09/14/2011

Did President Aquino enter into a secret deal with the Chinese government in his State visit a few weeks ago that he has now softened from his former hardline position in relation to two abandoned government projects previously awarded to Chinese companies?

This question is now being raised as Malacanang appears very subdued and cautious in issuing statements about the ZTE Corporation, the Chinese company behind the National Broadband Network (NBN) project, after Aquino’s China visit, partticularly following his meeting with Chinese Premier Wen Jiabao.The NBN-ZTE deal was abandoned during the time of former President and now Pampanga Rep. Gloria Macapagal-Arroyo due to allegations of massive corruption that even nearly led to her impeachment as president.

The ZTE deal was scrapped even after the company has already spent huge amounts of cash in order to corner the contract and it would be of its best interest if it can recover at least some of its losses. A “repayment” deal was apparently forged following Aquino’s meeting with Wen because the ZTE, like many
other Chinese companies, is basically owned by the government..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/headlines/20110914hed2.html