Not a very smooth transition, we presume...
Relevant excerpt from "Cash flow problems bug BusinessWorld"
by Rey Eñano
Manila Standard Today
Thursday, June 5, 2008
Carlos “Sonny” Dominguez has had enough in the Rapu Rapu mining project in Albay province. The former agriculture secretary, who has built a reputation in the corporate world as a “turnaround person,” and the rest of his management team resigned from Lafayette Philippines Inc., unable to see eye to eye with the officials of Philco Resources Ltd. of South Korea.
The grapevine said Sonny felt uncomfortable with the management style of the Korean owners of Lafayette. The Koreans were interfering with the smallest details of the company’s operations, cramping the movements of Sonny and the rest of his management staff.
“Sonny wants to call the shots when he is at the helm. Just give him the job and he will deliver the results because he knows the mining sector very well. He cannot function if the owners interfere every step of the way,” a source told this writer.
Sonny quit the job after telling the Korean to “take it or leave it.” The grapevine said the Korean owners, who took over the ownership from their Australian partners, however, asked Sonny to stay on. Sonny begged off, saying he will formally turn over his chores after a transition period to a new team and leave the project its best shape.
“We gave priority to the environment, the host communities, and our employees. We could have done more had we the proper funding support we needed from Day One. But short on funds and swarmed by anti-mining advocates, we will still leave the project as a real asset to the island of Rapu Rapu, the province of Albay, and the Bicol region,” said Sonny in a statement.
The Dominguez-led group took over from an Australian team after the project suffered two cyanide spills during heavy rains in late October 2005.