MANILA, Philippines - Property firm Alphaland Corp. said a Makati regional trial court on Wednesday denied the Ashmore group's petition for a temporary restraining order.
The petition for a TRO was made in relation to a capital call made by the Alphaland board of directors last January 2, 2014, which Ashmore declined to participate in.
Since the group of businessman Roberto V. Ongpin was the only participant of the capital call, it wrested control of Alphaland from Ashmore. The Ongpin group now has 50.57% of the outstanding capital of Alphaland.
Ashmore had asked Makati RTC Branch 66 for a 20-day TRO against Alphaland, basing its claim on a shareholders agreement it has purportedly fully executed with the Ongpin group.
However, Ongpin said the shareholders agreement is not valid.
"The Shareholders Agreement was not properly and fully executed. And it is also void for being contrary to Philippine law," Ongpin said.
Earlier this week, Alphaland accused Ashmore of faking a sale of its shares last year, in order to meet the PSE's minimum public ownership rules.
Alphaland filed a complaint against two Ashmore executives with the Securities and Exchange Commission for the alleged deception.
However, an Ashmore spokesperson denied Ongpin's allegations.
“There is nothing preventing or requiring a sale of the shares by Credit Suisse at any time. Any suggestion to the contrary is inaccurate,” Ashmore said.