By Robert B. Roque, Jr.
Dennis Uy, whose billions in staggering fortunes have long been entwined with the Duterte political dynasty, is now performing a high-stakes disappearing act. I mean, who really knows where he is these days?
Big business ears are hearing loud and clear that Uy’s been unloading his stake in DITO CME Holdings, and the reasons are as intriguing as they are telling. Is this his version of a Houdini or the great magician’s last fatal act?
The recent sale of P3.3 billion in new shares to Summit Telco Corporation Pte. Ltd. appears to be a sly maneuver, though, some say. Summit Telco, created just a few months ago, now wields a 25-percent stake in DITO, having initially acquired a 9.8 percent interest last August. This dilutes Uy’s ownership from 69 percent to 55 percent.
But it’s not just Summit Telco joining the fray. Xterra Ventures Pte. Ltd. and Summit Global Ltd. have also taken bites, fueling speculation that Uy is distancing himself from the once Bobby Ongpin-owned shell company. This strategic shift coincides with Uy’s inability to deliver on a $500-million commitment to the country’s third telco player, DITO Telecommunity.
The bottom line? Dennis Uy, a prominent Duterte ally, is slowly letting go of his grip on the high street as the tides of politics and business swirl. The future of DITO CME, and perhaps even the Dutertes, is becoming less certain by the day. Don’t you agree, Speaker Romualdez?
Probe LTFRB drama
The drama within the Land Transportation Franchising and Regulatory Board (LTFRB) is a disheartening spectacle of confusion and mistrust. Former LTFRB official Jeffrey Tumbado has certainly set tongues wagging, accusing suspended LTFRB chairman Teofilo Guadiz III of corruption, only to recant and offer a tangled web of half-truths.
Tumbado’s flip-flopping before the House panel probing the controversy last Monday does not merely hint at an unreliable witness; it seems to indicate a deliberate attempt to mislead investigators. He cites operators’ complaints of bribery within the agency but concedes that he has no concrete evidence of his boss Guadiz’s involvement. His dramatic confession that it was all his opinion feels like a smoke screen to protect someone or something or downrightly himself.
While Tumbado may claim fear for his life, his abrupt change of stance and refusal to disclose critical Viber messages raise eyebrows. The perplexing mix of unsigned affidavits and conflicting statements further erodes his allegations’ credibility.
As for Guadiz, the emotional rollercoaster he’s ridden during this hearing underscores the chaos and damage caused by these unsubstantiated claims. I could not applaud Guadiz’s relief at having his name cleared as the cloud of doubt lingers over the LTFRB, casting shadows on its integrity.
Amid these shifting narratives, it’s evident that something is amiss within the LTFRB.
Mar Valbuena, transport group leader and Manibela chairperson, disclosed to the committee that the former LTFRB executive assistant had shared a list of corporations, bus companies, and individuals allegedly involved in providing funds to the LTFRB, with the intention of expediting various document processing tasks.
Let’s give this list to the National Bureau of Investigation and ensure a comprehensive probe into these serious allegations.
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