Fil-Ams urge boycott of Chevron over Malampaya gas project buyout
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Fil-Ams urge boycott of Chevron over Malampaya gas project buyout
Rommel Conclara | TFC News California
Published Feb 25, 2022 09:40 AM PHT
Filipino-American activists staged a protest outside the headquarters of Chevron in San Ramon, California.
They urged fellow Fil-Ams to boycott the oil giant over the sale of its subsidiaries Chevron Malampaya to Philippine businessman Dennis Uy of Udenna Corporation.
Filipino-American activists staged a protest outside the headquarters of Chevron in San Ramon, California.
They urged fellow Fil-Ams to boycott the oil giant over the sale of its subsidiaries Chevron Malampaya to Philippine businessman Dennis Uy of Udenna Corporation.
The demonstration follows complaints filed before the US Securities and Exchange Commission against Chevron for alleged violation of provisions against graft and corruption and sections of the US SEC Act.
“They entered into this secret agreement and then Udenna set up a corporation in Singapore," said Rodel del Rodis of the US Pinoys for Good Governance, "then announced to the Department of Energy that it had sold its interest against Philippine law that says you need the consent.”
In another complaint, activists accused Chevron of misleading statements and concealments about the sale of Chevron Malampaya.
“Chevron also lied because Chevron announced to its shareholders that it had sold its interests to Udenna $565 million," Rodis said. "In fact, included in the $565 million was about $160 million that Chevron was entitled to receive from the Philippine government that year.”
That announcement was based on Chevron's US SEC filing in March 2020, where it claimed it completed the sale of its 45 percent stake in the Malampaya gas field.
“It simply transferred the money that it was owed already by the Philippine government and gave it to Dennis Uy to use as part of the purchase of Chevron shares in Malampaya," Rodis said.
The SEC complaint was filed by lawyers Loida Nicolas Lewis and Rodel Rodis of the US Pinoys for Good Governance, along with other concerned citizens.
Through legal and grassroots actions, they hope Chevron will rescind its act with the Udenna Corporation.
ABS-CBN News has reached out to Chevron but they have yet to respond.
The demonstration follows complaints filed before the US Securities and Exchange Commission against Chevron for alleged violation of provisions against graft and corruption and sections of the US SEC Act.
“They entered into this secret agreement and then Udenna set up a corporation in Singapore," said Rodel del Rodis of the US Pinoys for Good Governance, "then announced to the Department of Energy that it had sold its interest against Philippine law that says you need the consent.”
In another complaint, activists accused Chevron of misleading statements and concealments about the sale of Chevron Malampaya.
“Chevron also lied because Chevron announced to its shareholders that it had sold its interests to Udenna $565 million," Rodis said. "In fact, included in the $565 million was about $160 million that Chevron was entitled to receive from the Philippine government that year.”
That announcement was based on Chevron's US SEC filing in March 2020, where it claimed it completed the sale of its 45 percent stake in the Malampaya gas field.
“It simply transferred the money that it was owed already by the Philippine government and gave it to Dennis Uy to use as part of the purchase of Chevron shares in Malampaya," Rodis said.
The SEC complaint was filed by lawyers Loida Nicolas Lewis and Rodel Rodis of the US Pinoys for Good Governance, along with other concerned citizens.
Through legal and grassroots actions, they hope Chevron will rescind its act with the Udenna Corporation.
ABS-CBN News has reached out to Chevron but they have yet to respond.
In the Philippines, Energy Secretary Cusi and businessman Uy, along with officials of Chevron Philippines, are facing a criminal complaint before the Ombudsman over the said buyout in Malampaya.
In the Philippines, Energy Secretary Cusi and businessman Uy, along with officials of Chevron Philippines, are facing a criminal complaint before the Ombudsman over the said buyout in Malampaya.
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