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Editor’s take: The week that was Feb 15-20
February 21, 2021
It’s been known for a long time that there were cracks emerging at the Philippines-based prefabricated housing construction firm
Revolution Precrafted.
This week, the controversies regarding the luxury builder took a new turn when the country’s National Bureau of Investigation, acting on a complaint by contractors and suppliers, decided to probe the company. The complainants said they were duped by the firm, which allegedly led to losses worth $3 million.
Established in 2015 by
Robbie Antonio, the flamboyant son of the real estate tycoon
Jose Antonio, Revolution Precrafted had become the first Philippine unicorn within two years of its founding.
Editor’s Note: This article has been updated to include Revolution Precrafted’s response.
Robbie Antonio, the founder of luxury prefab construction firm Revolution Precrafted, is being probed by the National Bureau of Investigation (NBI) in the Philippines for allegedly duping former suppliers and contractors, according to local reports.
Nine contractors and suppliers filed a complaint on Thursday claiming that Revolution Precrafted misled them into a scheme, which would involve them winning contracts in Revolution’s development projects if they paid the company 10% of the contract’s value.
They further alleged that Revolution failed to secure government agency permits for the projects, throwing the validity of these contracts into question. The Filipino company was also criticised for failing to honour its contracts in ordering supplies, resulting in significant losses for the suppliers and contractors.
Robbie Antonio, Founder, Revolution Precrafted
February 19, 2021
Editor’s note: Robbie Antonio, the founder of the luxury prefab construction firm Revolution Precrafted, is being probed by the National Bureau of Investigation (NBI) in the Philippines for allegedly duping suppliers and contractors. Meanwhile, DealStreetAsia has received a notice, dated Feb. 1, from Lambert Worldwide, representing Antonio, to take down our investigative articles into the company.
We are republishing the two articles, published on Feb. 21, 2020 and March 2, 2020, as free reads below.
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Slow projects, small fundraising dim Revolution Precrafted’s unicorn halo
BusinessWorld
February 19, 2021 | 6:01 pm
Revolution Precrafted Properties Inc. is discussing potential settlements with suppliers and contractors that filed complaints against the start-up company with the National Bureau of Investigation (NBI).
According to ABS-CBN News, nine contractors and suppliers filed the complaints about allegedly questionable contracts for Revolution Precrafted’s real estate projects, in which they paid 10% of the contract value to become the preferred suppliers.
The complainants claimed they were duped out of P150 million after finding that Revolution Precrafted failed to secure government permits for the projects and did not return their payments.
Revolution Precrafted in a statement Friday said that it is complying with the authorities.