Smartmatic equity bigger than stated
Posted by akosistella on March 29, 2010
The contract for poll automation signed with the Commission on Elections by Smartmatic TIM clearly requires that the foreign company cannot own more than 40 percent of the joint venture.
However, Smartmatic International Corp. based in Barbados which entered into a joint venture with Technology Information Management Corp. has the same extent of investment in two other companies that appear to be remotely related to the joint venture.
Records in the SEC website state that the foreign company has 40 percent in Smartmatic Sahi Technology which is a combination of Smartmatic International and Strategic Alliance Holdings, a Filipino company headed by Cesar T. Quiambao.
Click AMADO P. MACASAET.