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Udenna Corp's Malampaya a foreign-owned firm, says retired SC Justice Carpio

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Malampaya gas project. Shell Philippines Exploration BV, Handout" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2018/news/09/04/09042018-malampaya-handout.jpg"/><figcaption>Malampaya gas project. <em>Shell Philippines Exploration BV, Handout</em></figcaption></figure></div><p>MANILA - The company that bought majority of shares in the Malampaya gas project is foreign-owned, retired Supreme Court Justice Antonio Carpio said Tuesday.</p><p>Dennis Uy’s Udenna Corporation had purchased Chevron’s 45 percent share for $565 million, and Shell’s 45 percent stake for $460 million, for a total of $1.025 billion or roughly P51.77 billion. </p><p>UC Malampaya is a Singapore company, according to Carpio. This violates the constitutional provision that states natural resources can only be exploited by Filipinos and that Filipinos must hold a 60 percent share in joint ventures, he said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/18/21/udenna-insists-malampaya-deals-had-competitive-bidding">Udenna insists Malampaya deals underwent &#x27;highly competitive bidding&#x27;</a></li></ul><p>&quot;There&#x27;s one problem there because UC Malampaya that’s a Singaporean company is the actual buyer. I thought before UC Malampaya was owned by Dennis Uy. It turns out UC Malampaya Singapore is foreign-owned,&quot; he told ANC&#x27;s Headstart.</p><p>&quot;So it was a foreign company, a foreign buyer that bought the shares of Shell and Chevron...The Malampaya company that&#x27;s operating is now majority-controlled by a foreign company based on documents presented to the Senate so that will now violate the Constitution.&quot;</p><p>Chevron and Shell are 90-percent foreign-owned but their contracts were signed prior to the 1987 Constitution, according to the retired justice.</p><p>&quot;Any new entity buyer will have to follow the new Constitution now,&quot; he said.</p><p>The Senate committee on energy should release its report on its investigation into the Malampaya deals so that &quot;any citizen can file a case,&quot; Carpio said.</p><p>Energy Secretary Alfonso Cusi and Udennna Corp chairman and CEO Dennis Uy are facing a graft complaint before the Ombudsman over Udenna’s acquisition of 90 percent of Malampaya. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/10/26/21/malampaya-sale-to-udenna-most-incredible-crony-deal-in-history-complainant">Malampaya sale to Udenna ‘most incredible crony’ deal in history, says graft complainant</a></li></ul><p>Uy, a businessman from Davao City and a close friend of President Rodrigo Duterte, earlier denied that he was a &quot;crony&quot; of the latter.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/18/21/dennis-uy-a-duterte-crony-udenna-president-says-no">Dennis Uy a Duterte crony? Udenna president says don&#x27;t be so quick to judge</a></li>	<li><a href="https://news.abs-cbn.com/business/10/20/21/cusi-says-graft-rap-over-malampaya-sale-pure-harrassment">Cusi says graft rap over Malampaya sale &#x27;pure harrassment&#x27;, insist deal was legal</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1845785" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

The company that bought majority of shares in the Malampaya gas project is foreign-owned, retired Supreme Court justice Antonio Carpio said Tuesday.