GMA Network declines TAPE's settlement offer
GMA Network did not accept the amount offered by Television and Production Exponents (TAPE) Inc. to settle its debt.
According to Mel Tiangco's report on "24 Oras," Wednesday, the two parties attended a mediation meeting in line with the estafa complaint that GMA filed against TAPE.
GMA Network is demanding P37.9 million from the owners of TAPE Inc. for the airtime fees that TAPE Inc. failed to remit to GMA.
However, TAPE Inc.'s settlement offer at present is not enough.
The case will now be re-raffled to another prosecutor who will conduct a preliminary investigation into the matter.
GMA Network, Inc. filed a criminal complaint for estafa with abuse of confidence against officers of TAPE Inc. for the misappropriation of funds totaling P37,941,352.56.
The complaint stems from the respondents' failure to remit advertising revenues collected from clients, which had been contractually assigned to GMA Network under a 2023 Assignment Agreement.
Despite multiple formal demands, the funds were not transferred to GMA because they were instead used for TAPE's operational expenses, in violation of the trust arrangement outlined in the agreement. —Carby Rose Basina/MGP, GMA Integrated News
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