Ang Pahayagan

SUBIC BAY FREEPORT — The Subic Bay Marine Exploratorium, Inc. (SBMEI), operator of the largest tourism complex within the Subic Bay Freeport, announced that it will conduct a public auction of P32.5 million worth of delinquent shares of stock owned by JV China, Inc., an investment firm based in St. Petersburg, Florida.

SBMEI President and Chief Executive Officer Robert Ianne Gonzaga said the delinquency sale is scheduled on Wednesday, March 25, in accordance with existing corporate regulations.

“JV China, which has long held a substantial stake in SBMEI, has failed to settle its outstanding stock subscriptions amounting to P32.5 million despite repeated demands,” Gonzaga said. “As provided under the Revised Corporation Code of the Philippines, these shares will now be offered through a public auction.”

Under Republic Act No. 11232, delinquent shares may be sold to the highest bidder willing to cover the full subscription liability, including accrued interest and associated costs.

The planned auction forms part of SBMEI’s broader efforts to resolve long-standing shareholder concerns that have impacted the company’s financial standing and ability to attract new investments.

Established in 2001, SBMEI operates several key tourism facilities within the Subic Bay Freeport, including Ocean Adventure marine theme park, Camayan Beach Resort, Adventure Beach Waterpark, and Adventure Cove, all situated within the Ilanin Forest West complex.

Recently, SBMEI concluded a debt-for-equity swap agreement with HS Equities, Ltd., a British Virgin Islands-based investment firm, effectively settling a P239.56-million investment claim that had been under dispute for nearly two decades. Gonzaga noted that HS Equities may opt to participate in the upcoming auction and apply part of its settlement toward a potential bid.

The company’s legal challenges date back to 2013, when HS Equities President Virginia Dio filed a complaint against former SBMEI Chairman and CEO Timothy Desmond, alleging fraud involving $2.15 million in investments made in 2002 for the development of SBMEI’s marine theme park.

Desmond was convicted of fraud in June 2020 and subsequently detained at the Olongapo City District Jail. Legal counsel from the Barredo Law Office later claimed that his release in November 2025 was erroneous, citing failure to transfer custody to immigration authorities for enforcement of a prior deportation order.

Gonzaga further disclosed that following his release, Desmond allegedly attempted to reassert control over the company, including convening a stockholders’ meeting in February at the Subic Freeport. The SBMEI Board of Directors declared the meeting invalid.

“While Desmond is associated with JV China, he does not represent the company and is currently involved in separate litigation with other JV China shareholders in Florida,” Gonzaga clarified.

In a separate statement, Virginia Dio asserted that JV China’s shares were “fraudulently acquired,” and reiterated her intent to pursue legal remedies against those allegedly involved.

Records from Florida’s Division of Corporations indicate that JV China remains an active entity as of February 2026. Meanwhile, federal court filings show that the company is also facing a contract dispute case filed in 2021 by multiple parties, including current SBMEI board members Gail Laule and Eric Montandon.

SBMEI emphasized that the upcoming auction is a lawful and necessary step toward strengthening corporate governance, resolving legacy issues, and positioning the company for future growth.