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Tuluyan na yan! Aguirre told to nullify shady TADECO-BuCor deal

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House Speaker Pantaleon Alvarez has asked Justice Secretary Vitaliano Aguirre II to nullify the 2003 multi-million peso joint venture agreement (JVA) between banana company Tagum Agricultural Development Company Inc. (TADECO) and the Bureau of Corrections (BuCor).

In his letter to Aguirre, Alvarez told the Secretary that the deal was made contrary to existing laws.

Alvarez had already filed a graft complaint before the Office of the Ombudsman against his friend and PDP-Laban party mate, Davao del Norte Rep. Antonio Floirendo Jr., whose family owns TADECO.

The Speaker noted that Floirendo held shares at TADECO and was a legislator when the deal was made.

“In view of the foregoing, the Subject JVA was entered into contrary to law and public policy,” said Alvarez in his letter.

“This being so, there exists clear grounds for its immediate declaration as null and void,” the Speaker stressed.

The BuCor is a government agency under the Department of Justice (DOJ).

The JVA, which ends in 2028, stands to cheat the government of over P25 billion, Alvarez said.