Tuesday, December 4, 2007

Defensor joins Petron board

by Jess Diaz from The Philippine STAR (Philippines)

In case the public is wondering whatever happened to Mike Defensor, the controversial former chief of staff of President Arroyo, he has quietly joined the board of directors of Petron Corp. Sources told The STAR yesterday that Defensor must have been nominated to the Petron board by MalacaƱang since the government still owns 40% of the company, which is the biggest oil refiner in the country. Saudi oil giant Aramco owns another 40%, while small investors own the remaining 20%. Defensor, a former Quezon City congressman, was Mrs. Arroyo’s chief of staff before losing a Senate bid in last May’s elections. He was also former secretary of the Department of Environment and Natural Resources. He joins former budget secretary Emilia Boncodin in the Petron board. Boncodin had revealed that he was invited to the board by Nicasio Alcantara, who heads the government’s team in Petron. Alcantara, a close friend of Mrs. Arroyo, is company chairman. Chairmanship of Petron is reserved to a government representative, while the post of company president is given to an Aramco nominee. Membership in the Petron board is a lucrative job.

No comments: