Marcoses question ownership of GMA 7 shares

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Former Ilocos Norte representative Imee R. Marcos on Friday filed a complaint at the Securities and Exchange Commission (SEC), claiming that her family owns 28.35 percent of GMA Network Inc. which is scheduled to list on the Philippine Stock Exchange via an initial public offering (IPO) on Monday.

The 28.35 percent are the shares her late father Ferdinand Marcos supposedly acquired but entrusted to Gilberto Duavit Sr., father of GMA Network chief operating officer Gilberto Duavit Jr. in 1983. In a six-page letter of request submitted to the Securities and Exchange Commission, Imee Marcos sought but failed to secure the suspension of the GMA-7’s intiial public offering(IPO) slated on Monday. She asserted that the IPO must be suspended because there was a “cloud of doubt” surrounding the ownership of the company.

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