Robbie Antonio Resigns from Century Properties Group Amidst Issues With Revolution Precrafted
Jose Roberto “Robbie” Antonio has resigned as co-Managing Director and member of the Board of Directors of listed property development company Century Properties Group Inc. In a disclosure to the Philippine Stock Exchange on Monday, the company said Antonio was leaving his post “to focus on addressing the pressing issues in his own company and its allied businesses.”
Last week, several contractors and suppliers filed a complaint with the National Bureau of Investigation after allegedly being duped into a scheme by Antonio’s company Revolution Precrafted. The complainants alleged that they were made to pay a percentage of the total contract value of certain projects in order to become a preferred contractor. But the suppliers claim they were not paid the promised amount and that Revolution failed to secure the necessary permits for its real estate projects.
The complainants allege that Revolution duped them out of a combined total of P150 million.
Revolution Precrafted issued a statement promising to settle its outstanding obligations with its suppliers and contractors. The company said that because of the effects of the pandemic, it was unable to collect receivables from its clients, which in turn, led to it being unable to pay its contractors and suppliers.
“Nonetheless, the company sincerely assures its stakeholders that it will honor all legitimate contractual obligations with its partners and suppliers, and only ask for some time consideration to resolve its issues,” Antonio said in the statement. “In parallel, we will also work in earnest to collect what is due the company.”