Estrada lauds dubious tycoon

Tue, 12 Jan 1999, 00:00 WIB | Source: AP

MANILA (AP): President Joseph Estrada called a business tycoon
accused of massive tax evasion a hero on Monday for continuing to
run Philippine Airlines despite massive financial losses.

Estrada said Lucio Tan, PAL's chairman and chief stockholder,
has been losing at least 25 million pesos (US$658,000) a day but
continued running the Philippine flag carrier in response to an
appeal from the president.

Tan, one of wealthiest men in the Philippines, is a former
close associate of the late dictator Ferdinand Marcos. He is also
close to Estrada and gave the former movie star financial backing
in last year's presidential election.

Last month, the Department of Justice charged Tan, his
flagship company Fortune Tobacco Corp. and nine dummy companies
with defrauding the government of 25.6 billion pesos ($673
million) in taxes between 1990 and 1992. Tan denies the
allegations.

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