THROWBACK SERIES: Sobrepeña's family also owns CAP which sough court rehabilitation after failing to service its pre-need planholders

The CAP Scandal—NEVER AGAIN !!!

Robert John Sobrepena, Chairman of the CJHDevCo is also affiliated with Fil-Estate Corporation, College Assurance Plan (CAP) and the Metro Rail Transit Development Corporation (MRTDevco), co-chairman of listed Global-Estate Resorts Inc, formerly known as Fil-Estate Land before his family sold the company to Andrew Tan.   

Sobrepeña's family also owns CAP which sough court rehabilitation after failing to service its pre-need planholders.

In 2005, CAP was in controversy when it filed for insolvency when it filed for rehabilitation with the Makati RTC to out off paying its obligations to planholders while it is being rehabilitated.  

The rehabilitation plan, which is currently ongoing, provides for reduced tuition benefits to the prejudice of beneficiaries of CAP educational plans. 

If the rehabilitation plan proves unsuccessful, CAPs assets will be divided among its creditors and claimants.  Earlier this year. Mr. Sobrepena opposed government plans to put more coaches to service commuters in the MRT claiming that the right to do so belongs to a company that he still has a stake in.