THE former owner and founder of SkyJet Airlines on Thursday asked the Department of Justice to prosecute Solar Entertainment Corp. executive William Tieng, Noveleta, Cavite Mayor Dhino Carlo Chua and nine other incorporators for syndicated estafa in connection with their alleged fraudulent takeover of his firm.
In his complaint, trader Aneceto Mendoza accused Tieng, Chua and other respondents of committing the non-bailable offense when they conspired to deceive and defraud him of his shares in SkyJet without just compensation.
Mendoza was former chairman of Magnum Air Inc., the company behind SkyJet leisure airlines that fly to Batanes, Boracay, Balesin and Busuanga islands.
“Respondents’ individual overt acts show a unity of design and purpose in deceiving and defrauding me of my shareholdings in SkyJet—the company I founded and built through tremendous sacrifice and effort—absolutely without paying me a single centavo,” his complaint stated.
“Indisputably, respondents conspired and confederated with one another in defrauding me of my shareholdings in SkyJet,” it said.
Apart from Tieng and Chua, also named as respondents in the complaint were Tieng’s children Ronald, John Eric, William Irwin, Charlene, Mark Andrew, Margaret Ann and James Gregory; lawyer Brigido Theodore Sarmiento; and associate George Ventayen.
Mendoza said it was Chua who first invested in his firm in 2013 as the politician needed a big-ticket project to boost his image for his 2016 mayoral candidacy in Noveleta, the home of Sangley Point Air Base, which was then being eyed as an alternative to the Ninoy Aquino International Airport.
After their first meeting, Chua became aggressive in investing in SkyJet.
At that time, SkyJet was estimated at P500 million over a five-year projection covering both physical and intangible assets. Chua then introduced Mendoza to his uncle, Tieng, who offered to acquire 50 percent stake for P100 million.
Tieng even caused the creation of a new company named Thunder Asia that would own the majority shares of SkyJet. Thunder Asia’s incorporators were Tieng’s children, including William Irwin, a former congressman representing the party-list group Buhay.
While Mendoza had no intention to sell his shares in SkyJet, he was later made to sign deeds of absolute sale for 60 percent and 20 percent in favor of Thunder Asia and Chua, respectively, but no actual payment was made. Under the agreements, Mendoza would remain as industrial partner and his shares will not be diluted.
“Respondents William and Chua, in conspiracy with the other Respondents, deceitfully and falsely represented that I needed to supposedly sell my majority shareholdings in SkyJet as a ‘condition’ for their immediate infusion of substantial capital in SkyJet and for the immediate payment of my advances and receivables,” the complainant said.
“Moreover, to further induce me to supposedly sell my majority shareholdings in SkyJet, Respondents deceitfully represented that the supposed sale of my majority shareholdings was only for ‘show’ – not a true sale – as a ‘condition’ for their immediate infusion of substantial capital in SkyJet and the immediate payment of my advances and receivables,” he added.
In the said agreement, he would supposedly sell his 60-percent shares in SkyJet for P1 million to Tieng’s Thunder Air as well as another 20-percent share to Chua for P300,000.
After the deeds of sale were signed by Mendoza, Chua started bringing in his own people in the company.
While Mendoza remained as CEO, he was kept out of the loop and no longer involved in the company’s day-to-day operations. He also insistently followed up the payment for the 80 percent shares he supposedly sold to Tieng and Chua, but he was told the company was incurring more losses than profits.
In February 2015, Mendoza received a notice from the company that he was already removed from his post. His salary was cut off and was advised that he was no longer needed by the management.
“Respondents employed deceit when they falsely represented that they would immediately infuse substantial capital in SkyJet and pay my advances and receivables when I sign the purported two deeds of absolute sale of shares of stocks,” Mendoza lamented.
“While I was deceived and induced to sign the said purported deeds, Respondents never immediately infuse capital and pay my advances and receivables,” he said.
Syndicated estafa is a non-bailable offense punishable by life imprisonment.