DISPUTE. The Court of Appeals junks former health secretary Alfredo Bengzon's bid to regain control of his medical empire. Photo from The Medical City's website
The Court of Appeals decision released on January 21 denied Bengzon's motion to overturn the results of the elections that ousted him as chief executive officer and voted in a new board forBengzon was TMC's CEO until he was ousted through a special stockholders' meeting in 2018 led by his nephew, Jose Xavier Gonzales. In that meeting where Gonzales was chairman of the board, Eugenio Jose Ramos was appointed as the new CEO.
However, Gonzales asserted that Bengzon's term had expired. He also insisted that Bengzon held less than 1% of shares in the company. "He had been insistent that he and the directors he had appointed could stay beyond their term of one year, contrary to established rules of corporate governance," Gonzales said in an emailed statement."Since we started work at TMC, revenues have gone up, and costs have been managed. The net result is that all our shareholders – including ex-CEO Dr. Alfredo– will see the value of their shares increase.
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