Dennis Uy’s Udenna donated $4.8 million to state-owned Clark Corporation

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MANILA — Udenna officials confirmed on Tuesday that the total settlement paid to Clark International Airport Corporation on Monday was $4.8 million or 274 million pesos.

The settlement was paid as part of Udenna’s subsidiary, Clark Global City Corporation’s obligation to state-owned Clark International Airport Corporation.

The settlement came after a default alert that began on July 22 when a consortium of banks led by BDO Unibank issued a notice of default to the CGCC on the grounds of “continuing and irremediable events of default” relating to a master lease agreement between Clark International Airport Corporation and Global Gateway Development Corporation.

CGCC is 100% owned by Udenna Development Corporation, a subsidiary of Uy’s Udenna Corporation.

CGCC owns Global Gateway Development Corporation or GGDC which holds lease rights to 177 hectares of land in Clark Civil Aviation Complex, Clark Freeport Zone, Pampanga.

Clark International Airport Corporation or CIAC is a government owned and controlled company.

Udenna said the actual due date for the $4.8 million was July 27, 2022, Wednesday. He insists that there was never a fault.

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