Business Circuit

“It is the whole, not the detail, that matters.”- Anonymous German proverb.

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Defaulting on sovereign debt

I have been told by sources in the banking system that Quedancor has notified its creditors banks that it will not be able to pay liabilities of more than P5 billion.

I cannot understand how this agency, placed under the Office of the President early in connection with the reported scandal, can even plead bankruptcy. If it does, it would admit that the government is bankrupt.

President Arroyo should be held directly liable.

The public is entitled to know how the scandal came about. There are suspicions that Quedancor money went straight to the President’s campaign kitty.

How do we summon anybody, in this case the executive secretary, to explain the scandal? Neither the Senate nor the House can issue summonses. The Supreme Court has ruled that executive privilege extends to hide the truth and conceal a crime.

Through his spokesman, Rolando E. Bonoan Jr., Palawan Governor Joel Reyes sent me a long letter refuting my column regarding nickel mining and alleged anomalies in Palawan.

The main point of the letter, as far as I am concerned, is Bonoan’s statement which states "just because a person is charged in court does not mean that he is guilty. It is elementary that one is presumed innocent until proven guilty. And yet, you would like to show that since there is information filed, there is a violation.

"It should be clear that the prima facie finding of the Ombudsman will have to be proven beyond reasonable doubt. On whether the court would sustain in the Ombudsman resolution is now subject to judicial consideration of the Court not the bar of public opinion."

I feel insulted being told that an accused is presumed innocent until his guilt is proven, beyond reasonable doubt at that.

I have long known that. The complainant must prove his allegation. The accused has to defend himself.

I have also long known that filing of information does not necessarily mean the accused is guilty. .

I might tell Governor Reyes through his spokesman that the whole point of issue is that the Ombudsman filed the information because he believed that there is probable cause.

I do not begrudge the governor for asking the Sandiganbayan for a reinvestigation of his case by the Ombudsman.

I have no information whether the petition has been granted or not. We published the reply of Bonoan on Saturday, March 29, all in the name of fairness.

I do not wish to prolong this debate. But I will accommodate Governor Reyes anytime he wants to.

There is word that one of the nephews or nieces of the late Consuelo Madrigal Collantes, a friend for about three decades, is suing her estate.

It appears that she or he is not in Mrs. Collantes’ will. Maybe he or she believes is that he or she is an heir by law.

What I know is that Mr. and Mrs. Collantes legally adopted Gustav Warns, son of Bo Warns who is a son of Pacita Madrigal Gonzales. She remarried after her German husband died.

I would think that the bulk of her wealth will go to the adopted son. Gustav could be the first Filipino billionaire before he gets to be 40 years old.

The moral of the story is that wealth is always a subject of bitter dispute after the patriarch is gone.

The families of the three pioneers, Don Vicente Madrigal, Don Toribio Teodoro and Don Gonzalo Puyat, spent million of pesos on lawyers fighting for money they did not even earn.

Thank God, I am not rich.

Six soldiers reportedly pleaded guilty to a charge of rebellion. This is most significant because the admission proves correct the charges of the Arroyo government that there are sectors in the military out to destabilize the government.

It would be interesting to know the circumstances under which the soldiers pleaded guilty. It is important to note that their court martial or civil trial has hardly begun.

I have not heard of how intensely they have been grilled, if they were grilled at all. I can see two things coming. One, the soldiers will soon be pardoned by President Arroyo to soothe the widespread hatred of sectors in the military.

Two, the military, using the plea of guilty may resume its offensive against perceived enemies, mostly left-leaning groups.

The six soldiers armed their comrades and the President with a reason for more violations of human rights.

The admission of guilt also impacts heavily on the fate of Sen. Anthony V. Trillanes. He could be pronounced guilty by association or direct participation. The admission of guilt puts Trillanes on a spot.

I hardly know Trillanes. I would suspect he will likewise admit guilt. He has been betrayed by fellow officers. Now it is the soldiers turning their back on him.