RPIC independent of Marcel Trading - its official

In July 2003, Rico Philippines Industrial Corporation (RPIC) announced its spinning off from Marcel Trading Corporation. RPIC's declaration of autonomy and business plan to operate as an independent unit from Marcel resulted to speculations and subsequent misrepresentations by malicious parties in an effort to mislead RPIC customers and confuse the industry.

RPIC management wisely opted to bring the matter of RPIC ownership to the rule of law and sought the decision of the Philippine Courts.

On March 4, 2004, after months of legal battle, the Philippine Regional Trial Court has handed down its decision and declared that the party of LEE-HIONG WEE et. al. "holds majority of the outstanding shares of RPIC" (see attachments, Page 1 showing plaintiffs and defendants of the Case and Page 9 declaring majority ownership)

The Court also ordered the parties of Dee-Peng Wee et. al. to: (see attachments Page 10 and 11)

1. "Cease and desist from discharging the functions of either as directors of the board or officers of Rico Philippines Industrial Corporation.."
2. "Revert to the status quo (management of Lee-Hiong Wee et al) and for banks and customers to transact only with the plaintiffs (Lee-Hiong Wee et al)"
3. "Deliver to Lee-Hiong Wee et al the physical possession and actual control of the plant premises of Rico Philippines Industrial Corporation without further delay"

Attached are excerpts from the Court Order, SEC Case No. 029-03, substantiating this report.