Pertinently, the Side Agreement dated February 15, reads: Powermerge shall have no obligation to pay under its promissory notes executed in favor of Wincorp but shall be obligated merely to return whatever [it] may have received from Wincorp pursuant to this agreement. Despite repeated demands, Ng Wee was not able to collect Power Merge's outstanding obligation under the Confirmation Advices in the amount of P, As he later discovered, Power Merge's default was inevitable from the very start since it only had subscribed capital in the amount of P37,
According to family members, the original family name was Bautista. Sometime during the Philippine revolutiona forebear changed the surname to Virata, taking the name of the character King Virata from the Indian epic Mahabharata.
His elder half-brother, Dr. Saraoan automotive designer and founder of Sarao Motorsthe maker of jeepneys known internationally as a symbol of Filipino culture. Career[ edit ] Virata was in the United States when the Philippine Commonwealth was evacuated to America because of the raging war in the Pacific.
From tohe worked as an officer of the Philippine Embassy in the US. After the war, the task of directing the economic research of the newly organized Central Bank of the Philippines in fell on him.
In various United Nations conferences on finance, trade, industry and economics; Virata served in different capacities. Inhe left the government service and joined the Philippine American Life and General Insurance Company as financial vice-president and vice-chairman of its investment committee.
Soon, he was accorded the same respect he earned during his service with the government. He was elected either as chairman, president or board member of various companies involved in insurance, food processing, marketing, oil exploration, plywood manufacture, logging, textile, meat packing, glass making, oil refining, banking, telecommunications, etc.
His leadership in business and industry reached its peak when he was elected president of the Philippine Chamber of Industries and the Management Association of the Philippines. Inhe was appointed chairman of the Development Bank of the Philippines.
Upon assuming his position as Chairman of DBP, he ordered the investigation of several major firms that failed to pay the DBP millions of pesos in overdue obligations. Because of this, he was considered as one of the radical chairmen the DBP ever had.
Also as head of the DBP, he helped agricultural and industrial enterprises through sound financing schemes. He was also responsible for orienting the institutional objective of development to the countryside to insure that the rural people would enjoy the benefits of economic growth.
In honoring Virata, Chairman de Ocampo said: He was a force in our development direction…. Chairman Virata was an articulate exponent of an economic strategy designed to improve the quality of life of our people and he gave of himself liberally to this pursuits toward the end.
In recognition of his long and distinguished service to the country in the fields of banking, finance, trade and industry, which spanned a period of 33 years, President Marcos posthumously conferred on him the Presidential Merit Medal.Leonides Sarao Virata was born on April 22, in Brgy.
Medicion II, Imus, Cavite to Luis Virata and Agapita Sarao. According to family members, the original family name was Bautista. Sometime during the Philippine revolution, a forebear changed the surname to Virata, taking the name of the character King Virata from the Indian epic Mahabharata.
Aug 26, · He was asked to be president and major incorporator of a small mining company called Rio Tuba Mining by Leonides Virata (father of Luis), a longtime executive of the Philippine-American Life. Amber Kinetics, Inc. is an American private company located in Union City that engages in developing a flywheel system from sub-scale research prototype to full-scale mechanical flywheel battery and will conduct both a commercial-scale and a utility-scale demonstration.
It was founded by Luis Juan L. Virata. Leonides Sarao Virata (April 22, - July 14, Medicion II, Imus, Cavite to Luis Virata and Agapita Sarao.
According to family members, the original family name was Bautista. Virata obtained his Law degree in and Business Nationality: Filipino. with Luis Virata in Manila last November, he explained that I also plan to visit Dr Robert R. Bigler's special exhibition, "Dynasties and Identities: Tibeto- Since starting her art business in , she has sold to many major institutions and museums.
Apr 06, · San Miguel, 3 other firms vouch for RCBC amid money laundering scandal.