News – PH – Robbie Antonio is leaving Century Properties to deal with fraud allegations

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MANILA, Philippines – Businessman Jose Roberto “Robbie” Antonio resigned as director of Century Properties Group Inc his father on allegations of defrauding contractors for his separate start-up

In a statement to the stock exchange on Monday, Century Properties said the company’s board of directors had approved Antonio’s resignation with immediate effect, “The company is currently looking for a replacement

“The board determined that the reason for his resignation is to allow him to focus on pressing issues within his own business and those related to it,” said Century Properties’ shares in the real estate company, losing 241% to close at P0405 on Monday, a bigger drop than 168% drop in the main index

According to a report by ABS-CBN News last Friday, nine business people filed complaints against start-up Revolution Precrafted Properties Inc before the National Bureau of Investigation for defrauding her with questionable contracts worth 150 million pesetas

The complainants, who are in the furniture, furnishings and construction businesses, alleged they had contracts for Revolution Precrafted’s real estate projects but suffered losses after the deals were not complied with because the projects did not receive regulatory approval for The Proceedings Received While a complaint was being filed, Antonio tried to reach an amicable settlement with the contractors

In a statement last week, Antonio said he could not pay the suppliers because Revolution Precrafted Properties was unable to collect claims from landowners during the pandemic

“Nonetheless, the company sincerely assures its stakeholders that it will honor all legitimate contractual obligations to its partners and suppliers and will only consider some time to resolve its problems. In parallel, we will work seriously to collect what what the company is entitled to, ”he said

In 2015, Antonio founded Revolution Precrafted to construct prefabricated structures designed by international architects and designers- Ian Nicolas Cigaral

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Jose Roberto Antonio, Century Properties, Revolution Precrafted Properties Limited, Board of Directors

News – PH – Robbie Antonio is leaving Century Properties to deal with fraud allegations

Source: https://www.philstar.com/business/2021/02/22/2079616/robbie-antonio-quits-century-properties-deal-fraud-allegations