Feb 23, 2021 @ 9:05
Century Properties exec resigns due to pending NBI probe on ‘unicorn’ firm
Century Properties Group (CPG) co-managing director and board member Jose Roberto “Robbie” Antonio has resigned from the publicly-listed company, as a separate “unicorn” firm of his faces a probe by the National Bureau of Investigation (NBI).
In a disclosure to the Philippine Stock Exchange (PSE), CPG said its board, during a special board meeting on February 22, accepted the immediately effective resignation of the son of its founder and chair Jose Antonio.
“The Board noted that the reason for his resignation is to allow him to focus on addressing the pressing issues in his own company and its allied businesses,” CPG said.
This came as nine contractors and suppliers of Antonio’s firm Revolution Precrafted Properties sought the NBI’s assistance on February 18 and accused him of duping them of some P150 million through questionable deals.
They claimed to have fallen victim to a scheme where they would win contracts connected to Revolution Precrafted’s real estate development projects, if they paid 10 percent of the contract price.
The said contracts were allegedly dubious as the company supposedly failed to secure the necessary permits from the government agencies.
Antonio on February 19 issued a statement blaming the economic downturn caused by the coronavirus disease 2019 (COVID-19) pandemic for having “significantly affected our sales, collections and operations.”
Revolution Precrafted, which makes prefabricated homes, reached “unicorn” status in 2017, meaning it was a start-up valued at over $1 billion.