August is that time of the year when the ghosts of our past haunt us. Originating from the Taiwan and Chinese Buddhist and Taoist influences, August is known as “Ghost Month,” “Ghost Festival,” “Hungry Ghost Festival,” or the “Hungry Ghost Month.”
Indeed, the hungry ghosts might have “consumed” the friendship of these prominent partners who broke their partnership vows and decided to split in separate ways because of business interests.
Erstwhile business buddies Edward Tennyson Yao and Jester Sherwin Ong are leading separate lives.
Yao is seeking court intervention after accusing Ong and his companions of allegedly taking over the ETY Enterprises warehouse facility in Calamba City, Laguna last 27 June.
According to the complaint, Ong, accompanied by armed guards and without any court representatives or a sheriff, took over the warehouse and reportedly threatened the personnel there.
This frightened and surprised personnel that Ong and his brother Jerbie were taking over the facility under the name of Red Maple Multi-Resources Inc.
In addition, the personnel were asked to pledge their loyalty to Red Maple in order to be rehired.
Yao said he tried to reason with Ong’s group, but to no avail. This forced him to file the appropriate charges and accused his old partner of the illegal takeover of the warehouse and, of course, causing undue distress to his employees.
In his sworn statement, Yao said the facility had P8 million of undelivered San Miguel Corp. products, P9 million in cash, and P14 million in vehicles and other heavy-duty machines and office equipment at the time of the takeover.
He listed in his complaint charges of alleged robbery by a band, illegal detention, grave coercion, usurpation of real property rights, usurpation of authority, and firearms law violation.
Indeed, Yao insisted that ETY is a single proprietorship registered with the Department of Trade and Industry since 2015. The company has an exclusive dealership agreement with SMC covering Sta. Maria, Bulacan, Dasmariñas City in Cavite, and Calamba, Laguna.
Conflict and fighting in any meaningful friendship are inevitable, interests change over time, and each has unique stories to tell. A relationship must know its partner’s distinct combination of triggers, thought patterns, and emotional responses.
Failure to recognize these patterns can find us in disagreements that escalate into fights.
Let’s hope these two formerly close friends from Xavier School can find ways to talk and settle their differences.
Gaming firm wins its case over partner
Two business partners with 10 years of relationship are at odds over the ownership of a mid-size casino hotel near the Entertainment City.
The partnership turned sour when a big gaming firm decided to sell its share in the hotel and offered its partner the right to first refusal, which the latter exercised.
The partner agreed to counter whatever offer the gaming firm received from its buyer. However, after the partner exercised its right of first refusal, it reportedly sent a list of alleged payables to the big gaming firm, amounting to P1.5 billion. Indeed, the gaming firm refused to accept the suspected payables, describing the amount as coming from nowhere with no solid base. The partner insisted on deducting them from the purchase price and asked the gaming firm to pay.
To settle the difference, the partner filed for arbitration. The result of the arbitration was released in July in favor of the big gaming firm, denying all the claims of the partner.
Not a single cent in favor of paying the partner.