The employees of Maynilad have asked the regional trial court (RTC) of Quezon City to disapprove the debt/equity swap deal between MWSS and Maynilad.
Speaking thru their lawyer, Manuel B. Imbong of Reyes and Imbong Law Office, employees claimed in a motion filed with the Court that said deal is grossly disadvantageous to the government and will cause undue injury to it and it amounts to giving unwarranted benefits to Maynilad.
Imbong said that as such it violates to Anti-Graft and Corrupt Practices Act (RA 3019) and hence, illegal. Moreover, Imbong said that MWSS has no power to invest its funds in other corporation as this is now among the powers granted by the law which created MWSS.
Imbong also claim that Maynilad cannot change the previous rehabilitation plan with the Court, the declaration in the rehabilitation plan is conclusive on Maynilad and can no longer be changed.
Considering that the previous rehabilitation plan could no longer be implemented the proper thing to do according to Imbong is for the Court to terminate the rehabilitation proceeding.