Letter of Instructions No. 39 Jacinto Family Corporations

November 9, 1972

LETTER OF INSTRUCTIONS NO. 39

TO : The Secretary of National Defense

In view of the fact that Mr. Fernando Jacinto and his sons have refused to come back to the Philippines notwithstanding our repeated requests to settle their obligations to the Government which may amount to about P400 million, it is now necessary to protect the interest of the Government by taking over custody and possession of all assets of the Jacinto family as well as of all corporations in which they have interest or control. ATICcS

Some of these assets are: 1) Ferro Products; 2) Jacinto Steel; and 3) the Asia Leader press (the old Manila Chronicle printing plant). Some assets were illegally transferred, in an apparently fraudulent attempt to avoid creditors, to the Camara Steel from either Jacinto Steel or Ferro Products. Machinery from the IISMI factory compound in Iligan City are illegally stored at the CSC compound beside the Floro Cement in Iligan City.

You are hereby directed to immediately take over custody and possession of all assets of the Jacinto family and of corporations in which they have interest or control, and to submit a report listing all such property for accounting and study by the proper offices, agencies or organizations in the Government.