Philippine tycoon Dennis Uy’s business may face $700 million debt bill

Uy-backed DITO CME Holdings Corp. believes the group will be able to meet all its outstanding obligations.

The most recent financial report of Uy-backed DITO CME Holdings Corp., covering the quarter through end March and published in late May, lists subsidiary DITO Telecommunity Corporation – a venture with China Telecommunications Corp. – as having taken out the money with three different Bank of China Ltd. branches.

Leo Venezuela spokesman for parent Udenna Corp. said he couldn’t answer questions regarding DITO CME’s finances citing a blackout period before the release of the second-quarter financial report on Monday.

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