People's Journal
September 2, 1998
News
CLA AIR Transport officials yesterday said their company is duly registered with the proper government agencies, and incorporation had been approved by no less than the Securities and Exchange Commission.
Philippine Airlines had filed a complaint for probable violation of Presidential Decree 715, or the anti-dummy law, against CLA president Panfilo Villaruel Jr. and chairman Leopoldo Acot for allegedly “conspiring with Japanese investors” in putting up a dummy company whose foreign ownership ratio exceeds the Constitutional requirement for public utilities.
In a press statement, it was revealed that CLA Air Transport was established on March 4, 1997 as a joint-venture corporation among government-owned Philippine Aerospace Development Corp., IBAS-Philippines, and IASS Co of Japan to augment the air cargo transport requirements between Japan and the Philippines.
With an authorized capital of $10.4 million (P416 million), of which $1.56 million (P62.41 Million) is paid-in, CLA has been dubbed as the country’s first and only official flag carrier for al cargo services to Japan.
In the Philippines, CLA will operate out of the key cities of Manila and Cebu while in Japan, CLA’s marketing and cargo-handling operations will be performed by Japan Airlines, an alliance to be formalized in the near future.
It was further clarified that the Japanese-owned IASS holds 49 percent of CLA while the remaining 51 percent is held by IBAS-Philippines (11 percent) and PADC (40 percent).
Out of CLA’s nine directors and corporate officers, seven are Filipino, led by Acot and Renato Jose as vice chairman. Only two Japanese nationals, Soen Chiyokawa ang Takayuki Hashizume, were named as directors.
The cargo airline’s corporate banks are Philippine Commercial International Bank, the Fuji Bank, and Bank of Tokyo-Mitsubishi Ltd.
TRACY CABRERA
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