GMA7's Gozon says P1 billion downpayment from San Miguel's Ang 'intact'

GMA7 chairman Felipe L. Gozon means BUSINESS

MANILA – GMA Network Inc chairman Felipe L. Gozon on Wednesday said the P1 billion that San Miguel Corporation (SMC) president Ramon S. Ang gave a down payment for a stake in the broadcast company is “intact and has not been used.”

"The Gozon Group has the right to retain it to answer for its claims for damages against Ang among others for opportunity loss, pursuant to law and the term sheet, as Ang prevented the transaction from conclusion and closing, by his unilateral decision not to proceed with the transaction and his imposition of new conditions after the purchase contract was perfected on March 21, 2015," Gozon said in a statement.

"As there is a valid and just reason for the retention of the down payment, there is no estafa," he said, adding that the P1 billion was deposited in a “reputable universal bank.”

Gozon said his group and that of the Jimenezes employed “no deceit” in their transactions with Ang, who also benefited from the advice of a “full complement of lawyers and financial advisors.”

The Gozon, Jimenez and Duavit families own a combined 79 percent of GMA7, and in 2013 agreed to sell a 34 percent stake in the broadcast company to Ang.

Gozon said he requested for a face-to-face meeting with Ang to thresh out their difference, but the latter allegedly turned down the request.

In his complaint, Ang sued Gozon and several of his relatives who are also GMA7 shareholders for estafa.