Outrage Erupts as Residents Uncover a Possible Multi-Million Peso Fraud of Condo President

1465
0
Share:

 

A unit of the controversial San Juan condominium. (file)

Residents of a prestigious Condominium are in an uproar after a multi-million peso fraud was discovered possibly orchestrated by their condominium association president.

SR, the overstaying president of EWW Condominium, is accused of embezzling tens of millions of pesos during his tenure.

The scandal erupted early this year when SR hurriedly sold his penthouse for an eye-popping P40 million pesos.

Residents claim this penthouse should never have been offered in the market for sale. It had a lien of at least P2 million pesos from unpaid association dues in 1999 which ballooned to a staggering P12 million by 2018.

Despite this, the lien was inexplicably lifted, enabling SR to acquire, and then resell the unit. Alarming rumors suggest that only P700k was paid to the association as settlement for the penthouse’s arrears.

That’s a measly amount compared to the remaining balance which mysteriously vanished from the records! The missing funds, amounting to over P11M, would have funded the purchase of 3 brand new much needed elevators.

This shocking discovery has now sparked fierce outrage among residents. SR, originally a mere building volunteer, was just renting a unit in EWW. He legitimized his presidency after the questionable acquisition of the penthouse property.

This mystery now begs the question: could it be possible SR used his position and influence to manipulate association documents and financial records?

The community is demanding to know the truth behind the deal:

1. How did the P12 million in arrears disappear?

2. How did SR acquire the penthouse (which had a lien on it ) without settling the recorded overdue arrears of P12M?

3. Why was the lien property sold without publication as required by law?

4. Why has SR profited from a P40 million sale without a centavo benefiting the association?

The scandal has left residents questioning what appears to be SR’s self-serving leadership and demanding a thorough investigation into the financial mismanagement that has rocked their community.

Share: