MANILA - After months of wrangling, business tycoon Ramon Ang and GMA Network chief executive Felipe Gozon have settled their differences over the P1 billion down payment for a stake in the media firm.
In a statement issued by the two parties, Gozon agreed to return the P1 billion which Ang gave as a deposit for a stake in the network.
In return, Ang will withdraw the syndicated estafa complaint. An informed source added that Ang will also no longer claim interest for the P1 billion.
Ang added he accepted Gozon’s explanation about the non-involvement of the other members of the Gozon Group, mostly his relatives, in the retention of the down payment.
Early this month, Ang sued Gozon and members of the Gozon group for syndicated estafa over the alleged refusal of the group to return the P1 billion down payment for a 34 percent stake in GMA Network.
Gozon argued he has the right to keep the P1 billion for "damages" and "opportunity loss" caused by the failed negotiations and that Ang "violated his obligations in law and in contract."
Aside from Gozon, the other respondents in the syndicated estafa complaint were Felipe Gozon Jr., Anna Teresa Gozon-Abrogar, Ismael August Gozon, Belinda Madrid, Ma. Erlinda Gana, Jaime Javier Gana, Florencia Gozon Tarriela, Atty. Edgar Tarriela, and Tricia Valderrama.
The dispute stemmed from the failed acquisition talks between Ang and GMA, which Ang claimed was terminated "abruptly."
GMA, meanwhile, disputed Ang's statements, saying Ang “already walked away” from the negotiations as early as March this year.