Wednesday, January 5, 2011

Legal suit to stop MTD toll rate hike in Philippines

KUALA LUMPUR: MTD CAPITAL BHD []'s subsidiary MTD Manila Expressways Inc imposition of the 290% toll rate hike along the South Luzon Expressway in the Philippines faces a legal suit.

MTD Capital said on Wednesday, Jan 5 that MTD Manila Expressways had received a petition for the issuance of a temporary restraining order and/or status quo to restrain the implementation of the toll rate hike of 3.024 pesos or 22 sen per km initial toll rate hike.

The suit was filed by Ernesto B. Francisco, Jr in the Supreme Court Philippines against the Toll Regulatory Board of Philippines, MTD Manila Expressways, Manila Toll Expressways System, Inc and the South Luzon Tollway Corp.

Manila Toll Expressways System is a 30% associate of MTD Manila Expressways and 40% associate of the Philippine National CONSTRUCTION [] Corp. South Luzon Tollway is an 80% subsidiary of MTD Manila Expressways.

MTD Capital said its legal counsel had yet to receive any order or notice of action from the Supreme Court. It also said a temporary restraining order could not undo the implementation of the toll rate hike which had already been implemented.


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