Ex Philippine President files Libel case against tycoon

Well this story was found on Forbes Magazine – by the Associate press – how I came across this article was I was googling to find some storied regarding the Philippines and this one popped up and it definitely caught my eye…very interesting read…enjoy! 🙂

MANILA, Philippines — Former President Joseph Estrada on Thursday sued one of the Philippines’ richest businessmen and a newspaper over allegations the ousted leader coerced the tycoon to sell shares in the country’s biggest telecommunications company.

Estrada was forced to step down amid massive anti-corruption protests in 2001 after serving only half of his six-year term. He was convicted of plunder in September 2007 but was quickly granted a presidential pardon.

The report said Yuchengco confirmed allegations by Sen. Panfilo Lacson in a speech earlier in the week that Yuchengco was threatened and intimidated by Estrada into selling his 7.75 percent stake in the Philippine Telecommunications Investment Corp. to the group of businessman Manuel Pangilinan 11 years ago.

The sale of Yuchengco’s holdings in PTIC, an owner of Philippine Long Distance Telephone Co. ( PHI – news –people ), or PLDT, allowed Pangilinan’s Metro Pacific Assets Holdings Inc. to gain control of PLDT, the country’s largest telecommunications company. Pangilinan is chairman of PLDT.

“I vehemently deny having committed any unlawful or criminal act against respondent Yuchengco or the members of his family in relation to the sale made by respondent Yuchengco of his PTIC/PLDT shares,” Estrada said in his complaint.