Boulevard Holdings gets injunction on Boracay assets

Posted at 07/31/14 7:43 AM

MANILA - The Municipal Trial Court in Aklan has ordered the return to Boulevard Holdings Inc. (BHI) some portion of the Fridays Boracay Resort that were allegedly taken by another party early this year.

The fifth Municipal Trial Circuit Court of Buruanga-Malay issued a writ of preliminary injunction and asked spouses Mila and Datu Yap-Sumnad to vacate part of the resort that they allegedly took by force early this year.

The court, however, asked BHI to post a P2-million bond to answer for the damages the defendants, the Yap-Sumnad group, may incur from the issuance of the said injunction. BHI is the land development arm of the Panlilio family.

“[The] Fridays Boracay management is now working to pay the bond, arranging sheriff enforcement with the [National Bureau of Investigation] deputation, and assessing the damages done to our property by the vacating armed men of Mr. Datu Yap, his mother Mila Yap, and known associates,” BHI said in its disclosure to the Philippine Stock Exchange.

According to testimonies, out of the 52 rooms of the Fridays Boracay Resort and Restaurant, 19 were affected as a result of the alleged forcible occupation of the Yap-Sumnad on February 15.

“The forcible intrusion also resulted [in] canceled bookings...The management was forced to extend up to 50-percent discount on the rooms, food and beverages and other services to the remaining guests,” according to the testimony of John Mark Amita, finance manager of Fridays Holdings Inc.

Fridays Boracay is the only operational resort of Boulevard Holdings.

The company reported that sales decreased during the fiscal first month ending June to P3.9 million from last year’s P6.37 million reportedly as a result of the disturbed operation of the resort.

“We shall reacquire our rightful possession within this week, as an objective and keep you informed as this has caused almost P35 million in subsidiary losses from the time it was forcefully taken from us,” Boulevard said.

For more Businessmirror stories, go here.