MANILA (PNA) — Ousted president Joseph Estrada yesterday filed a libel case against business tycoon Alfonso Yuchengco who accused him of allegedly coercing him to sell his shares in the Philippine Long Distance Telephone Company (PLDT) and Philippine Daily Inquirer (PDI) that published the story.

Estrada filed the six-page complaint against Yuchengco before City Prosecutor Tomas Ricalde Jr. at the San Juan City Prosecutor’s Office. Also included in the complaint were Philippine Daily Inquirer (PDI) publisher Isagani Yambot, editor-in-chief Letty Jimenez-Magsanoc and reporters Daxim Lucas, Christine Avendano and Doris Dumlao.

It was the PDI that published the story entitled “Erap bullied me, says Yuchengco - Taipan confirms coercion in PLDT deal” which was based on a privilege speech delivered by Senator Panfilo Lacson last Monday.

Estrada denies Yuchengco’s allegation and said the news report was based on false and malicious statements.

“Respondent Yuchengco’s statements imputing to me the commission of serious crimes are mere fabrications. I vehemently deny having committed any unlawful or criminal act against respondent Yuchengco or the members of his family in relation to the sale made by the respondent of his PTIC/PLDT shares in favor of First Pacific,” the former president said in his complaint.

‘I never bullied nor threatened anybody. They are manufacturing evidences and witnesses to destroy me. These people think they could destroy me, but this will only make me more determined, akala nila matatakot ako,” he added, stressing that ‘I want to vindicate my name” through the filing of the libel charges.

He likewise quoted the legal counsel of PLDT chairman Manuel Pangilinan that the sale of the shares was above-board.

“Atty. Ray Espinosa, the legal counsel of Mr. Manuel Pangilinan, had issued a statement, stating that the sale of respondent Yuchengco’s shares was a perfectly legitimate commercial transaction,” he added.

The PLDT has also said the transactions with the Yuchengcos were all above-board and fair adding that PLDT maintains a good business relationship with the Yuchengco Group, which also has interests in the Rizal Commercial Banking Corp. and Malayan Insurance

Instead, the former chief executive turned the tables on his accuser and said it was the businessman who might have “coerced” the PLDT into buying his shares.

“I think it was Yuchengco who coerced PLDT into paying him that sum,” he added.