The Dante Tan and BW Methods Scandal

 The Dante Tan and BW Methods Scandal Essay

The Dante Tan – BW Assets scandal

Discover an interesting subplot brewing in the investigation in the murder of public relations gentleman Salvador " Bubby” Dacer and his driver Emmanuel Corbito. The Dacer-Corbito double homicide case, in line with the Department of Justice, is involved in Dante Color and the Ideal World (BW) Resources share scandal that almost position the Philippine wall street game into fall in 1999. Who may be Dante Suntan and precisely what is this BW Resources controversy? Read on. The start

Dante Suntan, a friend of former Pres. Joseph Estrada and factor to the latter's presidential marketing campaign, formed Ideal World Game playing and Entertainment Corporation (BWGE) in 1998. It happened in 1999, Tan became a majority shareholder of a tourism and amusement company referred to as BW Solutions and BWGE became a wholly-owned additional of BW. Allegedly due to Tan's close relation with Pres. Estrada, Tan's businesses were able to protect gambling permits from the Philippine Amusement and Gaming Corp. (PAGCOR). The Endorsement

In December 1998, BWGE won the exclusive contract to work a nationwide online bingo franchise in addition to the jueteng-like Quick Pick-2 gambling game. Alice Reyes, in that case chair of PAGCOR, afterwards told a congressional hearing that BWGE got the web bingo license because " it had the endorsement from the Office of the President. ” In 1999, BW and BWGE was likewise able to co-borrow P600 million from the Philippine National Lender (PNB), then the government-owned lender. The Surge upward

These innovations triggered large interest in the BW share from investors and analysts. Rumors that Macau's wagering mogul, Stanley Ho, was coming in since BW Chief also supported further stock-buying. Although the stock market was still in a bearish trend following the 97 financial crisis, the BW inventory bucked the trend with its selling price continuously increasing. Within one year alone via October 98 to October 1999, BW's stock price jumped an astounding 18, 025% — by Php0. eighty (US$0. 0166) to Php145. 00 (US$3. 01). For...


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