Philippines Involved in Tokyo Land Deal Scandal
By Lauren on Dec 28, 2007 in Real Estate News
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’s right to develop the property despite the power-of-attorney’s revocation.
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