Post mula sa INC Silent No More ni aka Antonio Ebangelista
Presenting… The Central Condominium Towers (formerly LIG Condominium)
http://ligcondominiumquezoncity.blogspot.com/
http://wikimapia.org/815992/Central-Condominium-Former-LIG
https://www.facebook.com/central100condominium/
These are the 2 pages that show Encumbrances:
I’ve highlighted below the sections that show the loans for which the property was used as security:
What does this mean?
Let us review what it says:
Here are the 2 pages of Encumbrances entries:
The entry for the P3 BILLION Metrobank loan:
The entry for the P2 BILLION AUB loan:
For your References: CCT-004-2011006173; CCT-004-2011006176; CCT-004-2011006182; CCT-004-2012001698; CCT-004-2012001697; CCT-004-2011006188; CCT-004-2011006206
Schedule of Condo Units Used as Collateral and Appraised Value
Please note the total appraised value of these condominium units – over P1 BILLION!
Here’s page 1 of this schedule:
Here’s the entire heart-shattering list: loan-schedule-ccts-encumbered
============================================================
~ Antonio Ebangelista
Hello again friends… for this part of the expose, I thought I’d share
yet another set of INC-owned properties that have been used as
collateral. This time, they are residential properties.
I share this is for the benefit of brethren who have been provided
housing by INC but who may need to find another place to live should the
worst happen – INC defaults in its repayment obligations to Metrobank
and AUB. I refer to the same MULTI-BILLION BANK LOANS I mentioned in Part 1 of my expose. )
If you recall, I said the loans INC obtained from Metrobank and AUB were secured by hundreds of INC properties.
I wasn’t kidding. Among them were residential properties which I will
cover in this article. Needless to say, all properties our esteemed
leaders used as collateral, including residential, commercial, church
sites, and agricultural lands, were bought with members’ hard-earned abuloy.
Presenting… The Central Condominium Towers (formerly LIG Condominium)
http://ligcondominiumquezoncity.blogspot.com/
http://wikimapia.org/815992/Central-Condominium-Former-LIG
https://www.facebook.com/central100condominium/
This is the first of its kind of acquisition made by the
Church. It was initially built for commercial purposes by a company
owned by Ja Hoon Ku, a Korean businessman who is also a contractor to
the world-renowned Philippine Arena. The condominium is a tad “pricey”
at the time, given its location. This explains why it was difficult to
sell the units – only a few could afford it. But because of the “strong
ties” between Mr. Ja Hoon Ku and Bro. Glicerio “JS” Santos Jr., the
Church bought the condominium complex. This came as a shock for a lot of
brethren because we could have easily saved a lot of money by building
condominium housing for Ministers and Church workers ourselves, the way
it has always been.
You may be wondering why the name Ja Hoon Ku sounds
familiar. It should. He’s none other than the notorious multimillion
Korean embezzler who was ordered to be deported back to his country.
Fortunately for him, his “strong ties” with Bro. Jun Santos paid off.
http://www.philstar.com/metro/2014/10/07/1377294/palace-frees-korean-fugitive
http://globalnation.inquirer.net/125082/sc-rules-vs-inc-contractor-wanted-in-korea
https://incsilentnomore.wordpress.com/2015/04/30/the-proof-of-burden-the-story-of-ja-hoon-ku/
http://globalnation.inquirer.net/125082/sc-rules-vs-inc-contractor-wanted-in-korea
https://incsilentnomore.wordpress.com/2015/04/30/the-proof-of-burden-the-story-of-ja-hoon-ku/
After learning of the controversial INC acquisition,
Ministers promptly paid Bro. Jun Santos a visit for the privilege of
being handpicked to be residents of this luxury condominium complex
which, by the way, is complete with a gym and a swimming pool. Most of
the “favored ones” got selected, the ones who cheerfully and
unquestioningly do the bidding of the Sanggunian.
The Administration didn’t really have a solid plan for
LIG. At one point, it was used as a dormitory for NEU. Offices of INC’s
“covert” group ACTIV can be found there as well as the UNLAD
manufacturing arm of INC. Bro. Matt Pareja’s Loft is also located on
the 17th floor penthouse. Bro. Angelo Manalo’s playground can be found
on the whole penthouse floor at the other buildings with round-the-clock
centralized air-conditioning.
So let’s a take a look at a couple of the encumbered condo
units. We won’t be able to show all of them. A total of 317 units were
used as collateral! However, feel free to visit your local Registry of
Deeds and request a certified true copy of whatever CCT you are
interested in.
Toward the end of this article, there is a link to a schedule that
identifies the condo units that were used as collateral, along with
corresponding CCT’s, area in square meters, and appraised value of each
property. If you live in this complex, I’m sure you’d be interested in
that schedule.
- CCT-004-2011006168
These are the 2 pages that show Encumbrances:
I’ve highlighted below the sections that show the loans for which the property was used as security:
What does this mean?
Well, for one, the title to Condo unit #1704 in the Central Tower
building was used by INC to guarantee a P3 BILLION loan obtained by INC
from Metrobank in August 2014. Second, if the P3 BILLION principal
obligation is not repaid at maturity, or interest on it is not paid when
due, let this serve as warning to the occupant of this unit that they
should prepare to pack and evacuate when the unit is foreclosed.
Before we go to the next condo unit example, let us review this
Affidavit filed by Bro. Radel G. Cortez, as General Secretary of INC,
with the Securities and Exchange Commission in March 2014, as a
requirement for the issuance of a Certificate of Good Standing requested
by INC:
Let us review what it says:
The Affidavit claims that the properties of the Iglesia ni Cristo were devoted to “no
other than religious purposes, religious worship as well as the
dissemination and propagation of Christian faith and teachings as they
are written in the Holy Scriptures, and to organize and establish local
churches in any place in the world that may be reached…”
Take note: ONE VERY IMPORTANT THING WAS LEFT OUT. CHURCH PROPERTIES ARE NOW SERVE ANOTHER PURPOSE – TO GUARANTEE BANK LOANS!
In later parts of this series, we shall discover where proceeds of
these loans were used. Then, we shall go back to this Affidavit and ask
if the stated purpose of the loans fall under any of the categories
mentioned by Bro. Radel.
Here’s the bottom part of the Affidavit:
Readers, the only thing here that I need you to note here is the date – March 27, 2014. We shall return to this in later parts of the series of exposes. Just bear with me for now. Abangan!
Here’s the other encumbrances entry for this condo unit, this time, for the loan from AUB:
As
with the entry for Metrobank, this should look familiar because you’ve
already seen similar language and format on TCT’s presented in Part 1. (Ref. https://incsilentnomore.wordpress.com/2016/04/27/inc-properties-used-as-collateral-to-secure-multi-billion-loans/)
For those who may be wondering, what does encumbrance even mean? Here’s the definition:
Encumbrance
A burden, obstruction, or impediment on property that lessens its value or makes it less marketable. An encumbrance (alsospelled incumbrance) is any right or interest that exists in someone other than the owner of an estate and that restricts orimpairs the transfer of the estate or lowers its value. This might include an Easement, a lien, a MORTGAGE, a mechanic’s lien,or accrued and unpaid taxes. (http://legal-dictionary.thefreedictionary.com/encumbrance)
This entry is for the P2 BILLION loan INC obtained from AUB,
guaranteed by the condo unit. If INC defaults in repayment of
obligations to either Metrobank or AUB, the condo is at risk of being
foreclosed.
Here’s a copy of all the pages of CCT-004-2011006168. CCT-004-2011006168
This condo unit was appraised at P5.2 million.
- CCT-004-2011006184
Here are the 2 pages of Encumbrances entries:
The entry for the P3 BILLION Metrobank loan:
The entry for the P2 BILLION AUB loan:
And here are all the pages of CCT-004-2011006184. CCT-004-2011006184
This condo unit was appraised at P4.1 million.
Here are additional CCT’s if you are interested in examining each one
of them. They contain the same Encumbrances language as the ones
presented above. All of them are used to guarantee the loan with
Metrobank for P3 BILLION and the loan with AUB for P2 BILLION. Condo
unit occupants, be AWARE!
For your References: CCT-004-2011006173; CCT-004-2011006176; CCT-004-2011006182; CCT-004-2012001698; CCT-004-2012001697; CCT-004-2011006188; CCT-004-2011006206
Schedule of Condo Units Used as Collateral and Appraised Value
Please note the total appraised value of these condominium units – over P1 BILLION!
Here’s page 1 of this schedule:
Here’s the entire heart-shattering list: loan-schedule-ccts-encumbered
============================================================
Now you know why the INC Church Administration CANNOT give us a Bank Waiver… because the Multi-Billion Bank Loans EXIST!!!
Imagine a church that used to be the most financially stable
institution, has now succumbed to selling and mortgaging its properties
due to financial mismanagement.
Imagine this…
Bro. Felix Y. Manalo
was uneducated and had no money, but he was able to grow the church
from the ground-up. No lawyers or bible experts or pastors could ever
beat him in debates regarding the words of God. This is all because of
God’s help and guidance.
Bro. EraƱo G. Manalo
succeeded Bro. Felix Y. Manalo and was able to make the church
flourish. He shepherd the flock with so much love and compassion to the
point that even expulsion, which has always been a last resort, was an
act of Love. He dedicated his whole life for the church with no lust for
any material gain and worldly recognition. The church’s massive
progress during his time was because of God’s help and guidance.
Now… Bro. Eduardo V. Manalo,
with only 7 years after claiming the seat as Executive Minister, was
able to use up all the church’s coffers and was only successful in
showing the world superficial achievements in order to cover up for the
multi-billion bank debts that is putting the church in financial ruin.
All because it is no longer guided by our Lord God, so no matter how
many lawyers and accountants and experts it hires, it cannot escape
God’s curse…
~ Antonio Ebangelista
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