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Bandwagon bust: Dennis Uy abandons P2.4B e-Commerce project, gets stuck with unpaid China Bank loan

April 10, 2022
Source: bilyonaryo.com bilyonaryo.com
News Snapshot:
Davao-based businessman Dennis Uy has thrown overboard Chelsea Logistics and Infrastructure Holdings’ e-commerce project due to his failure to stop his company from bleeding over the last four years. In a report to stockholders, Chelsea said it terminated the construction of a warehouse in Taguig last year. “Pursuant to the plan of the group to venture in e-Commerce, the management has reevaluated its intention for these properties, and has deemed that the use of the properties is currently undetermined,” said Chelsea. Chelsea has already sunk in P2.432 billion into the abandoned project – P1.199 billion for the land and P232.6...
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Tags: bank | banking | Business | China | construction | e-commerce | infrastructure | ink | ipo | IT | loan | logistics | management | Pandemic | payment | property | report | Total | warehouse

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