Written by: Hanna C. Lacsamana
There’s no need for media mileage and let the arbitration proceedings to proceed.
This was the challenge made by Camp John Hay Development Corporation to the Bases Conversion Development Authority and John Hay Management Corporation after even the arraignment of officials of the developer was requested to be covered by journalists.
“It would be best if we just settle down and wait for the arbitration results. Ilang buwan na lang naman ang hihintayin nila,” said CJHDevCo spokesman Manuel Ubarra Jr.
Ubarra, together with CJHDevCo. Chief Operations Officer Alfredo Yñiguez III held a press conference on Thursday afternoon several hours after their arraignment for alleged malversation at the Baguio Justice Hall at 8:30 a.m.
Ubarra explained the final solution to the ongoing off-court and legal battle between CJHDevCo and BCDA and its subsidiary JHMC is arbitration.
“No amount of press conferences or press releases (from both parties) will solve the case at hand,” he added.
BCDA and CJHDevCo. were earlier ordered by the Baguio City Regional Trial Court Branch 6 to undergo arbitration after it issued an injunction stopping BCDA from taking over the leased property from the developer.
The same court also issued the injunction after CJHDevCo paid the bond of P736 million through Liberty Insurance Corporation August of last year.
Following CJHDevCo’s call, BCDA issued a press release Friday stating that the private developer lost its insurance cover on injunction against the government agency.
BCDA claimed Liberty Insurance Corp., in the motion for cancellation of injunction bond it filed on July 3 before the RTC Branch 6, is no longer in a position to renew the injunction bond due to underwriting restriction and constraints.
The P736M bond that the CJHDevCo posted was a pre-requisite to make effective the injunction that prevents a government takeover of their leased properties in Camp John Hay. CJHDevCo has not yet offered to replace the bond.
BCDA President Arnel Paciano Casanova was quoted in the press release if Liberty Insurance Corporation withdraws, there is no bond to speak of which makes the writ of preliminary injunction void.
“Without the bond, no injunctive relief can be extended to CJHDevCo,” he said.
Sought for comment, Ubarra said he was confused on what was withdrawn, as he told reporters that the bond will expire at the end of the month and will be “subject for renewal.”
He added CJHDevCo has the option if it will renew its contract with the bonds company.