Gozon: P1 billion from Ang intact

Metro Manila (CNN Philippines) — GMA Network Chairman Felipe Gozon said his family has the right to keep Ramon Ang’s down payment of P1 billion from their botched deal.

Ang filed syndicated estafa charges against the Gozon family for their refusal to return his money.

Related: Ramon Ang sues GMA executives for estafa

Gozon said the payment serves as damages for “opportunity loss.” He added that Ang blocked their deal by imposing new conditions after the purchase contract was made in March this year.

Gozon insisted that they did not defraud Ang.

Ang was in talks with the Gozon group to acquire a 34-percent stake in the broadcast network, but the talks fell through in June.

Other major shareholders in the listed network are the Duavit and Jimenez groups.

This report aired on CNN Philippines’ Headline News on August 6, 2015.