Tiu: Binay is not my friend, I am not his ‘dummy’

Antonio Tiu (screengrab from GMA News footage)

MANILA, Philippines – Filipino-Chinese businessman Antonio “Tony” Tiu asserted that he will not admit to accusations hurled at him at the Senate hearings. He also insisted that he is not a friend of Vice President Jejomar Binay, nor is he a ‘dummy’ of the latter.

Even though Tiu has yet to receive the land title of the controversial 140-hectare agricultural land in Rosario, Batangas, he said that he has a memorandum of agreement which proves that he has the right over the property.

The businessman said that he had an arrangement with a certain Laureano Gregorio and bought the property ‘in good faith’ for a total contract price of P446 million with a deposit of P11 million and the rest in installment upon the transfer of the title.

“Immediately upon deposit, I have full right to use the property,” he said. “I pay him P6 million last year, P5 million early this year, P44 million by the end of the year, P50 million in June 30, 2015, P50 million in December 31, 2015, P50 million June 30, 2016, P50 million December 31 2016 and the balance after.”

Based from the contract, the title has to be transferred within a period of two years. Once the title is delivered, only then will the remaining balance of the payment be released. For the mean time, the property is still named after Binay until the transfer of the title is accomplished.

Tiu was confident that he can prove his financial capability to buy the land. He was also willing to allow government agencies, like the Bureau of Internal Revenue (BIR), to open his Income Tax Returns (ITR) and present it to the Senate if needed as long as it is executed within the limits of the law.

The businessman said that his company resources are sufficient to acquire new property. He also mentioned proceeds from the sale of a power plant which he will also use to pay.

“There’s no doubt that my company is financially capable. We have enough resources because of the foreign investment and my divestment of a power plant a few months ago,” he said.

Tiu also denied that his company is struggling.

“Agrinurture is making money; Greenergy as a holding company is in the red due to accounting standards. When you’re constructing a power plant, it’s booked as loss but it doesn’t mean the company is bleeding. It’s an investment.”

When asked if Binay is a friend, the businessman said that he cannot say so because he has only met the vice president three times. As far as he is concerned, Binay has no involvement with the 140-hectare land in Batangas. He admitted, however, that Elenita Binay, VP Binay’s wife, owned a 9-hectare orchid nursery within the premises.

Tiu said that other information apart from those he said could be hearsays. He also believed that linking Binay to the property is not appropriate.

With report from Cyra Moraleda