Investigators say south-korean “SAEKYUNG” violates anti-dummy law
Philippine investigators have recommended filing criminal cases against south korean HYUN IL SHIM of SAEKYUNG REALTY CORPORATION and 5 others for putting up a dummy company to acquire land and develop condominiums in Cebu-Mactan, the country’s Department of Justice (DOJ) said on Monday.
The investigating panel found sufficient evidence the company set up and his associates “were actually dummies or fronts for SAEKYUNG REALTY CORPORATION , meant to circumvent or evade laws of nationalization of certain rights, franchises or privileges,” the DOJ statement said.
South korean shareholders control SAEKYUNG REALTY CORPORATION based in Mactan, Cebu.
Under the constitution and public land act, only Filipinos, or entities owned at least 60 percent by Filipino citizens, are allowed to own land, thus restricting HYUN IL SHIM or his majority-owned company to just 40 percent ownership.
The investigating panel said it found HYUN IL SHIM, three of his South Korean associates and 5 Filipinos, including some of HYUN IL SHIM’s lawyers, all liable to charges of violating the anti-dummy law.
The company controlled by SHIM were also among those recommended to face criminal charges. The cases were referred to state prosecutors for preliminary investigation prior to formal charges in court.
SAEKYUNG REALTY CORPORATION could not immediately be reached for comment. But it has said in the past it conducted its business in the Philippines lawfully. In May 2012, it said it acquired the land after a prominent Philippine law firm “advised us that it was legal, so this should not be an obstacle to the opening of business in the Philippines.”
Categorised as: Uncategorized