Federico M. Hizon, along with his sisters Maria Belen M. Hizon and Bernadette M. Hizon-Deduque, have been accused by their brother, Ernesto M. Hizon, for violation of Article 315, paragraph 1(b) of the Revised Penal Code or Estafa through misappropriation of corporate funds. The alleged misappropriated funds amount to more than PhP760 million.
Federico, who goes by Rico Hizon on TV, is a broadcaster for CNN-Philippines, was a business news anchor and reporter for the British Broadcasting Corporation (BBC) based in Singapore. He has been summoned by the Office of the City Prosecutor in Angeles City, Pampanga to answer a complaint for Estafa.
According to the complaint, which was filed by Atty. Elfren P. Hipolito, Jr. in behalf of Ernesto who resides in the U.S., the Respondents withdrew cash from a family corporation in the form of advances to stockholders, “which only themselves approved and availed of, and where they own shares of only .007% each.”
The advances to stockholders represent “non-interest bearing receivables from shareholders with no definite call period,” the complaint noted.
The family corporation, Morlan Realty Corporation, is 96% owned by Luz D. Morales. It is engaged in real estate development, management, sales and leasing in Angeles City, Pampanga and Metro Manila.
Ernesto M. Hizon, Maria Belen M. Hizon, Bernadette M. Hizon-Deduque and Federico M. Hizon, Luz’s nephews and nieces and her heirs, owned .007% each of the company’s shares of stocks.
The family has been caught up in a prolonged court battle since Luz passed away in December 2015, and the heirs have been struggling to reach an agreement on how to divide the multibillion-peso inheritance.
(photo grabbed from CNN Philippines)
