Republic of the Philippines )

City of Manila )s.s.

AFFIDAVIT OF ADVERSE CLAIM
TO BE RECORDED IN
TRANSFER CERTIFICATE OF TITLE TCT NO. 160277
I, WILSON T GO, of leal ae, !ilipino, "ith a##$ess at Noah%s &$' (uil#in,
)scolta, Manila, #o he$eby #epose an# say, T*&T+
I a, the #uly appointe# )-ecuti.e /ice P$esi#ent of the Noah%s &$'
Me$chan#isin "ith offices at Noah%s &$' (uil#in, )scolta Manila, "hich is a
#uly establishe# business establish,ent un#e$ the la",
The o"ne$ of Noah%s &$' Me$chan#isin autho$i0e# ,e un#e$ a special
autho$ity tofile fo$ the annotation of this a#.e$se clai, to p$otect, p$ese$.e an#
continue e-e$cise o$ $etain o"ne$ship an# possession, an# othe$ $eal $ihts o.e$ the
p$ope$ty 'no"n as Noah%s &$' (uil#in, )scolta Manila, the lan# an# all
i,p$o.e,ents the$eon.
Recently, the he$ein affiant an# the business fi$, he also ,anaes, lea$ne#
that the$e is a Ce$tificate of S&L) that "as annotate# in the titles o.e$ the
afo$ecite# sub1ect p$ope$ty co.e$e# by TCT NO. 234566 "ith 766.24 s8. ,
9&NN): &); the sai# Ce$tificate of sale pu$po$ts to ha.e been $eco$#e# p$e.iously
an# the$e is the th$eat that the sa,e ,ay be use# by pu$po$te# bi##e$ a"a$#ee
"hose pe$sonality cannot be an# has not been establishe# by $eco$#s in any
o.e$n,ent establish,ent, o$ that the bi##e$ in#icate# the$ein has a na,e that has
not been autho$i0e# by o.e$n,ent secu$ities autho$ities.
In an in8ui$y the bi##e$ "hose business na,e is in#icate# in the annotate#
COS is not $eiste$e# "ith the Secu$ities an# )-chane Co,,ission by that
pu$po$te# na,e, an# hence the business an# o"ne$s the$eof $ep$esente# by the
affiant ,ay be p$e1u#ice# se.e$ely, as the$e is clea$ ,is$ep$esentation sho"n by the
annotation on the .e$y face of the title. The he$ein affiant #ecla$es that the business
fi$, an# o"ne$s he $ep$esents asse$t o"ne$ship an# continuous possession o.e$ the
abo.e p$ope$ties. <sho"n in &NN): & <he$eof, the titles "he$e the annotations a$e
$eco$#e# the$ein,an# assaile# in this a#.e$se clai,.
Noah%s &$' Me$chan#isin, "hich is filin this affi#a.it "ith the
R)GIST)R O! =))=S O! M&NIL& a case as the o"ne$s $ep$esente# by he$ein
affiant bein autho$i0e# by the o"ne$ p$e.iously ac8ui$e# the )scolta p$ope$ties
'no"n as Noah%s &$' (uil#in 9fo$,e$ly !ilipinas (an') , an# autho$i0e# it to be
na,e# to its in#i.i#ual capitalist o$ business ,anae$s, co.e$e# by+ a. TCT NO.
234566 "ith 766.24 s8. , 9&NN): &);
92)
In that a$ea the o"ne$s $ep$esente# by affiant ac8ui$e a#1acent p$ope$ties
co.e$e# by th$ee 9>) TCT%s $eiste$e# in the na,e of its in#i.i#ual capitalist o$
business ,anae$s na,ely &lbe$to T. Looyu'o an# ?i,,y T. Go, "ho is the foun#e$
an# financie$@capitalist of the co,pany Noahs &$' Me$chan#isin un#e$ a 2A75 co<
o"ne$ship a$ee,ent
Noah%s &$' Me$chan#isin ha# a lease a$ee,ent "ith !a$ )ast (an' an#
T$ust Co. so,eti,e in 2A7B "he$e !)(TC occupie#@lease# the enti$e $oun# floo$
of the buil#in; in the sai# p$ope$ty the ban' entice# an# solicite# Noah%s &$' to
open an account "ith the, an# offe$e# bette$ $ates in te$,s of inte$est an# se$.ices
fo$ Noah%s &$'.
So,eti,e about ?uly 2C 2AA>, !)(TC $ante# a line of P*P >4 Million to
the business fi$, ,entione# abo.e, "ith Postal a##$ess+ 7Dth fl$. Noah%s &$' (l#.,
)scolta, Manila an# so,eti,e about ?uly 55 2AAB, the ban' ha# $ene"e# the line
to P*P 64 Million secu$e# "ith R)M 9TCT No. 234566) as follo"s+ P*P C4,
356.B2>.44 < inclu#in O,nibus Line; P*P 54,444,444.44 < inclu#in Sua$
Eue#an; collate$al 9&NN): =); so,eti,e on Octobe$ B 2AA3 the ban' inc$ease#
the line by Php54,57>,576.44 to ,a'e it Php 64 Million 9&NN): ))
So,eti,e about =ece,be$ C 2AA6 Noah%s &$' th$ouh chief accountant,
"$ote a lette$ of $e8uest fo$ accountin an# $econciliation of $eco$#s 9&NN): !)
So,eti,e on o$ about 2AAB<2AA6, !)(TC ,a#e oo# ,oney th$ouh
inte$est cha$es an# othe$ se$.ices by ,illions of Pesos. (ut by 2AA6 the $eion
co.e$in &sia ha# e-pe$ience# !inancial C$isis
On ?anua$y 54, 2AA7, the co,pany sent a lette$ to !)(TC< Ms. Mila$os F.
Chua< &/P to follo"<up of account@$econciliation, but the$e "as no $eply;
On ?anua$y 5A, 2AA7 the co,pany sent a Lette$ to !a$ )ast (an' 9&NN):
G) $ea$#in PN 2A5C < Php>,444,444.44 "hich ha# been $e#uce# by .a$ious
pay,ents totalin Php 2,6C4,444.44 Million; thus at the ti,e the (alance "as then
Php250,000.00.
Li'e"ise the co,pany sent a Lette$ to !a$ )ast (an' 9&NN): *), "he$e the
balance has been co,pute# of PN 2775< Php6,444,444.44 $e#uce# by /a$ious
pay,ents Php4,6C4,444.44 Million, o$ lea.in a (alance of Php 2,250,000.00
Millio!
Li'e"ise the co,pany sent a Lette$ to !a$ )ast (an' 9&NN): I) in#icatin
PN 2763< Php24,444,444.44 $e#uce# by /a$ious Pay,ents of Php 3.6C4Million
$esultin to a (alance of Php ",250,000.00 Million
95)
Li'e"ise the co,pany $ecei.e# on !eb$ua$y B, 2AA7 the !a$ )ast (an'
confi$,ation lette$ #ate# !eb$ua$y B, 2AA7 that Noah%s &$' has outstan#in loan
balance un#e$ the follo"in PN%s 9&NN): ?)< "hich "e$e al$ea#y fully pai# as of
the #ate the $ent an# the accounts beca,e both #ue as ,entione# by !)(TC in
2AA7 lette$..
P$o,isso$y Notes PN%s+
PN 2A5C Php C44,444.44
PN 2775 Php 5,5C4,444.44
PN 2763 Php >,5C4,444.44
!a$ )ast (an'%s lette$ in#icate# o.e$state# a,ount of Php5C4,444.44
#espite ou$ lette$ #ate# ?anua$y 5A, 2AA7, "hich ,a#e ,ention of a balance of
Php250,000.00 only. 9$efe$ to &nne- G). This p$o,pte# the Petitione$ to call@
"$ite the ban' $ea$#in the o.e$state# a,ount.
On !eb$ua$y B 2AA7 !a$ )ast (an' sent a confi$,ation lette$, in#icatin
Noah%s &$' balance+on PN 2A5C fo$ Php5C4,444.44 only 9&NN): F).
Subse8uently Noah%s &$' follo"e# up the collection of ban' co,,it,ent on
$ental pay,ent bein lease# by !a$ )ast (an'.
On Ma$ch 54, 2AA7, li'e"ise the co,pany sent a lette$ to !)(TC@(PI
a##$esse# to+ 92) M$. Cla$o P.L.Cont$e$as< &/P !)(TC *ea# Office; 95) Ms.
Mila$os F. Chua<&/P an# 9>) &tty. &l#en (u$'ley, about a $e8uest fo$
accountin an# $econciliation but the$e "as no $eply; aain on Ma$ch 5>, 2AA7
the co,pany sent a Lette$ to !)(TC a##$esse# to + 92) M$. Cla$o P.L. Cont$e$as
an# 95) ?ose Ga" Reyes</P< but the$e "as no $eply.
On May 2A, 2AA7 < !a$ )ast (an' "$ote Noah%s &$' to info$, that the ban'
will apply the rentals until such time that the loan is fully settled. (ANNEX L).
On that ban' a#.ice, Noah%s &$' confo$,e# .e$bally "ith the ban'. Rea#ily
accepte# an# #i# not ob1ect to the p$oposal ,a#e by the ban'.
On &p$il > 544> <!a$ )ast (an' info$,e#G Noah%s &$' of non<$ene"al of
the lease effecti.e May 544> 9&NN): M)
On &p$il 5C 544> , Noah%s &$' $eplie# to !a$ )ast (an'%s lette$ #ate# &p$il >,
544>; an# info$,e# !a$ )ast (an' that !)(TC o"e Noah%s &$' a,ountin to
Php16,405,#0$.00 as of &p$il 544>. This is "hen the$e "as o$ offsettin o$
application on the $entals as a$ee# in the lette$ p$oposal #ate# May 2A 2AA7
9please see lette$ #ate# &p$il 5C, 544> as 9&NN): N)
&fte$ con#uctin a $outine e-a,ination by see'in a state,ent of account
at about #ate of Ma$ch 24, 2AA7 fo$ the pu$pose of up#atin Manae,ent on the
status of sai# accounts as of Ma$ch 24, 2AA7, an# afte$ "hich, the e-a,ination
#isclose# the e-istence of othe$ loans e$$oneously cha$e# to the account of Noah%s
&$',
9>)
&fte$ In.estiation o$ in8ui$y by ou$ accountants, the follo"in a$e base# on
close .e$ification an# inspection NOT ou$ &CCOHNTS no$ accounts of NoahIs
&$' Me$chan#isin, no$ its office$s, ,anae$s o$ #i$ecto$s, 9see co,plete #etaile#
list attache# in SJNOPSIS he$ein attache#) to "it+

NOT ACCO%NTS OF NOA&S AR' ALLE(ED INCEPTION DATE ALLE(ED AMO%NT
a. 5<744<A62BAC Septe,be$ 7, 2AA6 Php >4,444.444.44
b. 5<744<A62CBB Septe,be$ 55, 2AA6 24,444,444.44
c. 5<744<A623A4 Octobe$ 54, 2AA6 24,444,444.44
#. 5<744<A626CA Octobe$ >2, 2AA6 A,B44,444.44
e. 5<744<A744>B ?anua$y 6, 2AA7 B4,444,444.44
NOT ACCO%NTS OF NOA&)* AR' Php #0,400,000.00
!o$ the $eco$#, the ban' <!)(TC< f$au#ulently inclu#e# 9C) !i.e P$o,isso$y
Notes of "hat appea$e# to be so,e ?R Me$chan#isin account "hich #oes not
belon to Noah%s &$'. !u$the$ confi$,ation of sai# account9s) sho"e# that the$e a$e
no $eco$#s of these loans in the boo's of Noah%s &$', as pe$ &u#it, NoahIs &$'
account balances, pe$ P$o,isso$y Note9s) a$e as follo"s+
a. P+o,i**o+- No./ No. 201070001#25 #ate &uust C, 2AA6
&,ount of Loan < < < < < < < < < < < < < < Php>,444,444.44
With balance as of Ma$ch 24, 2AA7 < < < Php 5C4,444.44
b. P+o,i**o+- No./ No. 2010#0001$$2 #ate ?uly 23, 2AA6
&,ount of Loan < < < < < < < < < < < < < < Php6,444,444.44
With balance as of Ma$ch 24, 2AA7 < < < Php 5,5C4,444.44
c. P+o,i**o+- No./ No. 201070001$76 #ate ?uly 2B, 2AA6
&,ount of Loan < < < < < < < < < < < < < < Php24,444,444.44
With balance as of Ma$ch 24, 2AA7 < < < Php >,5C4,444.44
ACCO%NT BALANCE 1* o2 M1+3h 10, 1##$ 0 Php 5,750,000.00
The (an' Ce$tificate #ate# !eb$ua$y B, 2AA7 as 9K&NN): ?L) #isclose# the
ban' o.e$state# the loan a,ount of Php 5C4,444.44 9&NN): G). This p$o,pte#
the he$ein Petitione$ to call the ban' an# a##$ess a lette$ #ate# <!eb$ua$y B, 2AA7
an# that sa,e #ay, subse8uently the !)(TC issue# the co$$ecte# state,ent an#
hu$$ie#ly chane# the a,ount in the state,ent, f$o, Php C44,444.44 to Php
5C4,444.44. 9&NN): MFM); fu$the$,o$e, !)(TC ,entione# of th$ee 9>)
P$o,isso$y Notes 9PN) only an# NOT )iht 97) P$o,isso$y Notes.
9B)
Pe$tinent #ata@Info$,ation $elate# to Noah%s &$' account (alances a,ountin
to Php C,6C4,444.44 9see co,plete #etaile# list attache# in SJNOPSIS he$ein
attache# <pae 2 fo$ #etails) a$e as follo"s+
On May 2A, 2AA7 (an' of the Philippine Islan# 9(PI) Th$u Ms. =olo$es
Hyliapco< (PI Senio$ Manae$< )scolta ($anch an# concu$$e# by &tty. Tita S.
Obina$io, in the lette$ a##$esse# to Noah%s &$' &#,inist$ato$< Ms. ?ulieta T. Go,
a#.ise# that the $ental pay,ents of the ban' #ue to Noah%s &$' buil#in sta$tin
!eb$ua$y 2AA7 shall be "ithhel# 9 un1ustly, that is) by the ban' an# off settle# to the
outstan#in account of Noah%s &$' until the sa,e 9allee#ly) is fully pai#.
Notably, as up#ate#, the $entals in a$$ea$s, inclusi.e of othe$ $elate# cha$es
of the ban' "ith Noah%s &$' totale# to P*P 55,>A3,4AC.63 pe$ lette$ to (PI #ate#
&p$il 5C, 544>,
*e$eun#e$ is the co,putation of the a,ount still #ue f$o, the ban' !)(TC,
to "it+
Total P$incipal Loan of Noah%s &$'
2.Pe$ PN No. 5<246<442A5C 9Matu$ity 5@4B@A7 Php 5C4,444.44
Inte$est 2@54@A7<5@54@A7
5@54@A7<>@24@A7 A, 276.44
5.Pe$ PN NO. 5<246<442775 9Matu$ity 2@57@A7) Php 5,5C4,444.44
Inte$est 2@2>@A7<5@2>@47
5@2>@A7<>@24@A7 AB,C44.44
>.Pe$ PN NO. 5<246<442763 9Matu$ity 2@57@A7) Pph >,5C4,444.44
Inte$est 2@2>@A7<5@2>@A7
5@2>@A7<>@24@A7 2>3,C44.44
R)M&INING &MOHNT TO ()
O!!S)T TO !)(TC R)NT&LS 9as fully pai#) Php 5,##0,1$7.50
O!!S)T &G&INST Rentals co.e$in pe$io#
9!eb. 2AA7< &p$il 544>) 55,>A3,4AC.63
!)(TC O(LIG&TION<
Net &,ount that is payable an# #ue to Noah%s &$'+ Php 16,405,#0$.26
The abo.e a$e in#icate# un#e$ (an' lette$ #ate# May 2A,2AA7 an# Noah%s
&$'%s lette$ #ate# &p$il 5C, 544>. The ban' <!)(TC< as of &p$il 5C, 544> is
in#ebte# to Noah%s &$' an a,ount of P hp 16,405,#0$.26.
9C)
Late$ "e in8ui$e# on the title abo.e,entione# sho"in the assaile# ce$tificate
of sale, of a fo$eclosu$e p$ocee#in but the bi##e$ na,e# in the C)RTI!IC&T) O!
S&L) 9COS) "as not a #uly establishe# fi$, an# ha# no $eiste$e# na,e "ith the
S)C, an# hence the $eco$#in of the COS "as .oi#, an# hence shoul# be #elete# o$
st$ic'en out f$o, the face of the paes of the titles ,entione#. The p$ocee#ins in
the fo$eclosu$e is ,a$$e# "ith #efects ,a'in it null an# .oi#.

The abo.e ci$cu,stances an# inci#ents "he$e the ban' acts a$e $a.ely
p$e1u#icial to ou$ business an# to ou$ p$ope$ty ,entione# abo.e, p$o,pte# he$ein
affiant, as pa$t of top ,anae,ent, to in8ui$e f$o, ou$ p$ofessional consultant an#
counsel, the i,plication of the ope$ation of offsettin "hich the leal ,in#s te$,e#
as co,pensation of #ebts bet"een t"o pa$ties, an# thei$ a#.ice "as to file the
a#.e$se clai, to p$otect ou$ inte$est Since The$e Was No Mo$e Obliation (y
NoahIs &$' at the ti,e of the fo$eclosu$e, an# hence, the fo$eclosu$e an# the the
COS a$e .oi#, an# that the annotation of the COS on the sub1ect title shoul# be
st$ic'en out.
The business fi$, an# its o"ne$s ,anae$s "ho o"n an# in possession of the
p$ope$ty a$e filin this application fo$ annotation of this a#.e$se clai, to p$otect
thei$ $ihts.
=ON) this NNNN 542B at the City of Manila.
4ILSON T. (O
&ffiant
)-ecuti.e /ice P$esi#ent,
O! NOA&5S AR' MERC&ANDISIN(
SH(SCRI()= &N= SWORN TO ()!OR) M) a nota$y public of Manila , this
NNNN #ay of NNNNNNNNNNNNNN542B, he$ein M&NIL& City, Met$o Manila, that I ha.e
pe$sonally an# .olunta$ily e-ecute# an# un#e$stoo# this affi#a.it of SSS @COMM Ce$t
no. NNNNNNNNNNNN on NNNNNNNNissue# at NNNNNNNNNNN
NOT&RJ PH(LIC
=OC NO.NNNNNN
P&G) NO.NNNNN
(OOF NO.NNNN
S)RI)S 542B
93)