GRMC not affected by decision on takeover of mother company

GRMC (PNC file photo)

The Guam Regional Medical City has issued a statement saying that it won’t be affected by the ongoing ownership fight over its parent company in the Philippines.

The Philippine Inquirer has reported that the Philippine Securities and Exchange Commission (SEC) voided the takeover of a board faction led by Jose Xavier B. Gonzales in The Medical City, citing “illegality and fraud” in the buyout of one of the country’s largest health care groups with hospitals and clinics in the Philippines and in Guam.

According to the Inquirer, the 2018 boardroom coup led to the ousting of Gonzales’ uncle, the health care group’s longtime CEO and former Philippine Health Secretary Alfredo Bengzon, and spawned a slew of criminal complaints between both sides.

In response to this development, GRMC issued a statement saying it is aware of a decision
made yesterday by the Philippines Securities and Exchange Commission regarding a legal matter involving its parent company, The Medical City.

“This decision will not have any effect on GRMC’s mission to provide Guam and Micronesia with the most excellent healthcare available. The hospital will continue to operate as usual, under the local leadership of our executive team, to continue our commitment to caring for our community,” GRMC stated.