Marcoleta wife not connected to Discayas

Senator Rodante Marcoleta on Monday denied her wife's link to the Discayas.

Marcoleta clarified that her wife, Edna M. Marcoleta, only serves as an independent director and chair of the audit committee at the Stronghold Insurance Co., Inc., one of the top non-life insurers in the country.

"Ang hina naman nang nag-research na yun. Hindi man lang nila ni-research anong ibig sabihin ng independent director (They did not even research what independent director really means)," he said.

"Ang independent director ay hindi ka magqu-qualify kapag ikaw ay may kamag-anak doon sa may-ari o mayroon kang kakilala sa mga nagpapasya lahat doon (You don't qualify as an independent director if you are related to the owner or if you know anyone who makes decisions there)," Marcoleta explained.

Marcoleta stressed that her wife only protects the minority shareholders and the objectivity of the company.

"Pero kahit kailan wala kang pagmamay-ari doon, wala kang kinalaman kung sino man yung may mga interes doon. Ganoon po yung independent director (You don't have anything to do with who owns it or those who have an interest in it. That's the role of the independent director)," he added.

The Stronghold Insurance Co., Inc. is an insurance company that provided bonds for contractors owned by flood control project contractors Curlee and Sarah Discaya, the center of the multibillion-peso flood control mess.