FINALLY! TRUTH REVEALED! Letters prove Marcos didn't sequester Meralco from Lopezes

MANILA, Philippines - The late Eugenio Lopez Sr had written three letters to former President Ferdinand Marcos offering the sale of their...

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MANILA, Philippines - The late Eugenio Lopez Sr had written three letters to former President Ferdinand Marcos offering the sale of their shares in the Manila Electric Company during the Martial Law years.

The letters, which were included in the book "Let the Marcos Truth Prevail" that was published by the Marcoses, would belie claims the Marcos administration sequestered Meralco from the Lopez family.

In GMA's Saksi, Maki Pulido reported that in the first letter, dated February 1973, Lopez Sr informed the late dictator of their plans to sell their Meralco share to Meralco foundation, which was composed of Meralco's employees and customers.

In the second letter, Lopez Sr reportedly proposed a financial scheme that will transfer to the Foundation the more than P100 million debt incurred by the Lopezes from banks.

The sale of Meralco's share by the Lopezes pushed through in 1978 at the price of more than P800 million.

For his part, Sen. Joker Arroyo, who was executive secretary during the Aquino administration, admitted that Meralco was returned to the Lopezes without formal written documents because it was a sequestered asset.

But according to Sen. Benigno Aquino III, son of former President Corazon Aquino, it was the Supreme Court that ruled in 1991 to return to the Lopezes their Meralco shares that were not paid by Meralco Foundation.

In an open letter to President Gloria Macapagal Arroyo, however, Oscar Lopez, chairman of First Holdings Corporation, claimed that Eugenio Lopez Sr was forced to sell their Meralco shares due to pressure from the Marcos family.

"Given the Martial Law situation and the fact that the son of Lopez Sr, Eugenio "Geny" Lopez Jr, was at the time rotting in jail, can there be any doubt that it is a transaction done under duress?"




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