Molale, Dixon-Warren meet as BCL liquidation sours

Parliamentarians recently reacted with anger after Molale revealed that BCL’s liquidation has thus far cost P1.1 billion, with the liquidator and his team paid an average of P2.2 million per month. Further stoking the legislators’ ire were Molale’s revelations that takeover partners were yet to be identified and that the liquidator had projected that the whole process could take up to seven years.

The minister appeared to attack the liquidator several times in the heated Parliamentary debate saying he would use Monday’s meeting to demand answers on the time taken to wrap up the BCL matter. Molale also accused Dixon-Warren of foiling a deal to pay Norilsk Nickel more than P500 million as a settlement for a US$2.7 billion lawsuit brought by the Russian giant over a botched equity deal.