Benitez family says STI takeover “illegal”

Benitez family statement Dec.23,2014
STI RESORTS TO DIRTY TACTICS OVER PWU
Eusebio Tanco’s STI Holdings recently issued a press release claiming the Benitez family resigned from PWU, thereby allowing him to take over PWU. The claims are baseless and the so-called take-over is illegal.
Earlier this year, the Tanco group unilaterally announced the commercialization of the JASMS QC campus. This surprised and shocked the JASMS community, who resisted such commercialization. The current act of take-over of PWU was triggered by the refusal of the JASMS community to agree to his idea of commercializing the JASMS campus. In retaliation, the Tanco Group issued a Notice of Default on December 9 claiming PWU owes them P928M because three years ago they assumed PWU’s BDO loan of P230M. Said notice of default inappropriately and unilaterally demanded payment of the entire amount within a mere 7 days. The said notice of default is baseless and procedurally infirm. The Benitez family is contesting the said default notice and taking legal action to fight this brazen take-over attempt of a revered educational institution. The Tanco group knows that the Benitez family is contesting this notice of default. Yet without even the cursory attempt to engage in dialogue and refusing to entertain such offers of dialogue to discuss the default, the Tanco group is now attempting to take over PWU.
The Benitez family does not recognize the so-called take-over of PWU, none of its members have resigned from PWU, and the Benitez family contests the notice of default (both as to amount and as to the factual basis of default).
Over the course of three years, the Benitez family realized that Mr. Tanco’s vision to commercialize PWU and JASMS does not conform to the vision of the founders and the Benitez family’s enduring commitment to education.
The entire PWU and JASMS community join the Benitez family in their vow to fight tooth and nail to prevent a predator from taking over their beloved PWU and JASMS.

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