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Doris Yu · · 1 min readPhilippine government investigates Robbie Antonio over suspicious $3m deal
“Robbie Antonio, son of Century Properties chairman Jose Antonio, is being probed by the National Bureau of Investigation (NBI) for allegedly duping several businessmen of 150 million pesos (US$3.1 million) through questionable deals,” reported ABS-CBN News.
Details:
- Nine contractors and suppliers have filed a complaint claiming that they were hooked into a scheme by Antonio’s prefabricated homes startup Revolution Precrafted Properties. The scheme allegedly involves the complainants winning contracts in the startup’s real estate development projects if they pay 10% of the contract value.
- According to the complainants, Antonio’s firm had failed to secure government agency permits to continue with the projects, which led to their incurring significant losses.
Context:
- Antonio launched Revolution Precrafted Properties in 2015. He also serves as the managing director of Century Properties, a Philippine real estate development company established by his father.
- Last year, reports said that his company is not as well-funded as it presents itself to be as it is yet to deliver on its luxury homes promises.
Currency converted from Philippine peso to US dollar: US$1 = 48.47 peso.
Editing by Miguel Cordon and September Grace Mahino
(And yes, we’re serious about ethics and transparency. More information here.)
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