FORMER Camp John Hay operator CJH Development Corp. (CJHDevCo) has offered to waive its P1.42-billion final arbitral award in exchange for recognizing the rights of third-party investors.
In an open letter to President Ferdinand R. Marcos, Jr., CJHDevCo said that it is willing to relinquish its rights to the arbitral award, including its claim for interest, as long as the Bases Conversion and Development Authority (BCDA) honors the rights of over 3,000 investors.
“Purely for the sake of peace, we offer to forego and waive CJHDevCo’s P1.42-billion final arbitral award, which the BCDA is required to pay pursuant to the final award, which the Supreme Court affirmed,” the company said.
“(This is) on the condition that the government honors, respects, and protects the rights of the Camp John Hay third parties — the buyers, owners, and investors — under the contracts they entered into with CJHDevCo,” it added.
CJHDevCo said that the offer will be valid for the next 30 calendar days from the date of the letter. The letter was dated April 4.
According to CJHDevCo, the issue involves 189 owners of condominium units at the Manor, 208 owners of condominium units at Forest Lodge, 25 owners of country homes, 56 owners of forest cabins, 13 owners of log homes, 45 owners of estate houses and lots, 38 owners of lot pads, and 2,500 golf membership certificate holders.
The company asked the President to direct the BCDA to keep the “owners and investors free and harmless from any legal challenges.”
“We urgently appeal for your support in recognizing the rights of several thousand unit owners, homeowners, property owners, and golf club members of Camp John Hay in Baguio City, who are now facing a grave and unjust situation due to the takeover by the BCDA of their homes and properties,” CJHDevCo said in the letter.
It said that the crisis for the homeowners escalated when the BCDA took measures to padlock the homes and condominium units “without due notice and without following due process.”
“This action has left many home and unit owners in limbo as they were unceremoniously ousted from their homes and properties,” it added.
The BCDA recovered Camp John Hay, a former US military facility for the recreation of its servicemen, after the Supreme Court issued a final resolution allowing the recovery of the leased 247-hectare property from CJHDevCo in January. — Justine Irish D. Tabile