Philippines Involved in Tokyo Land Deal Scandal

On December 28, 2007 by Lauren

The Philippines could get involved in a possible diplomatic scandal with Japan about a Php5 billion peso transaction that involves the development of government-owned property in the Shibuya district of Tokyo, Japan. The Nampeidei 2,488-square meter property was acquired by the Philippines as part of Japan’s World War II reparations. Currently, the Nampeidei is an embassy storage facility, but the property received an offer for commercial development so it can generate income.

On October 26, the Philippine government’s Bids and Awards Committee gave development rights to the Nagayama-Teisei Consortium, who agreed to pay the Philippine government Php 5 billion. Problems arose, however, when Nagayama signed a power-of-attorney to allow Masaichi Tsuchiya to develop the land. When the two quarreled over the deal, Nagayama revoked the power of attorney. What makes this even more complicated is that the Arroyo government still recognized Masaichi‚Äôs right to develop the property despite the power-of-attorney’s revocation.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>