Former Foreign Affairs Secretary Albert del Rosario resigned as a director of Hong Kong-based conglomerate First Pacific Co. Ltd., more than a week after he was denied entry to the Chinese territory to attend the company’s shareholders meeting.
First Pacific said in a disclosure to the Hong Kong Stock Exchange Del Rosario tendered his resignation as a non-executive director of the company effective July 1.
The parent company of PLDT Inc. and Metro Pacific Investments Corp. said among the reasons given by Del Rosario for the resignation were “poor health as he approaches the age of 80 years and other constraints, such as, his increased involvement in a number of personal advocacies which makes it difficult for him to continue to serve as a director of the company”.
“Ambassador del Rosario confirmed that he has no disagreement with the board and that he is not aware of any matter relating to his resignation that needs to be brought to the attention of the shareholders of the company and The Stock Exchange of Hong Kong Limited,” First Pacific said.
“He also confirmed that he has no claims against the company whatsoever, whether in respect of fees, remuneration or compensation for loss of office,” First Pacific said.
“The board would like to express its profound thanks to Ambassador del Rosario, who has been a source of invaluable counsel to the company during his tenure,” it said.
Del Rosario was denied entry to Hong Kong on June 21, preventing him from attending First Pacific’s shareholders’ meeting.
Del Rosario and former Ombudsman Conchita Carpio-Morales earlier filed before the International Criminal Court a case against Chinese President Xi Jinping, alleging crimes against humanity in the West Philippine Sea.
Del Rosario first joined First Pacific as an independent non-executive director in June 2003 and served as a non-executive director from 2004 until March 2011. He re-joined First Pacific’s board in June 2016.
First Pacific is a Hong Kong-based investment management and holding company with operations located in Asia-Pacific. Its principal business investments cover consumer food products, infrastructure, natural resources and telecommunications.
First Pacific owned by the Salim family of Indonesia holds controlling stakes in PLDT Inc., MPIC, Philex Mining Corp. and Roxas Holdings Inc.