Property developer Century Properties Group Inc. announced Monday the resignation of Jose Roberto “Robbie” Antonio as director and member of the board amid financial issues involving his own private company.
The resignation of Robbie Antonio, son of CPG chairman Jose Antonio, was effective immediately.
CPG said in a statement Antonio’s departure from the company would allow him to focus on resolving the issues in his privately-owned company—Revolution Precrafted Philippines, its subsidiaries and allied businesses, which were affected by the pandemic.
“I know I am making the correct decision to step down from my position in CPG as I will leave it under the very capable leadership of the board and the professional expertise of its senior management team. This will also allow me to focus on addressing the pressing issues in Revolution and its allied businesses,” Antonio said.
CPG said the board’s nomination committee was in search of Antonio’s replacement as director and member of the board.
Last week, nine contractors and suppliers filed complaints with the National Bureau of Investigation against Revolution Precrafted, which is engaged in building modern prefabricated houses, over P151 million worth of deals.
Revolution Precrafted said in a statement it would comply with the all agreements and was ready to settle legitimate obligations that have fallen due.
“The company is likewise in the process of collecting what is due them from those that have also defaulted in their obligations to Revolution. The pandemic has activated force majeure stipulations in our contracts and has caused issues with our business transactions as it did with other industries,” it said.
Revolution Precrafted said Robbie Antonio, the chief executive, and his companies Resurgent, Renegade and Radiant are still viable and active. “On this note, we caution people and individuals from making any malicious and false statements against Robbie Antonio and his companies. We hope that we be allowed to fix the current situation without threats or intimidation, or else the company will likewise be forced to institute legal charges, both criminal and civil,” the company said.
The share price of CPG fell 2.4 percent Monday to P0.405.