SUBIC'S GORDON CLOSES TAIWANESE GOLF COURSE
Olongapo City, Oct. 3, 1997 - The Subic Bay Metropolitan Authority (SBMA) has shut down a Taiwanese firm operating a golf course for failure to pay its creditors and meet project deadlines. The company, Universal International Group (UIG), had a 50-year lease on the Binictican Valley Course and had invested $25 million in the project.
SBMA chairman Richard Gordon said the UIG failed to finish the gold course in time fr the APEC summit last November, and has reportedly failed to pay its contractors P25 million in long-outstanding obligations.
Another violation cited by Gordon was UIG's selling of shares for $28,000 each without the approval of the Securities and Exchange Commission.
Workers have also complained that they had been receiving salaries below the legal minimum wage.
Reported by: Sol Jose Vanzi
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