Richard S. Lim, mystery man

by Karol Anne M. Ilagan

HE ENGAGED in a multimillion-peso transaction with First Gentleman Jose Miguel Arroyo, but Richard S. Lim remains a man of mystery. Lim, who bought the First Gentleman’s 2.9-hectare lot in San Rafael, Bulacan last year had turned down requests for a face-to-face interview several times. Instead, he resorted to text messages and e-mails in corresponding with PCIJ.

“Due to the nature of my business, I’d rather stay low profile,” he said in a text message. “I’ve already disclosed my trade in mining which was better left unsaid in the first place.”

Lim is neither a public official nor a government employee. Aside from the now known fact that he bought the Arroyo land for P41.5 million, there seems to be little information about Lim that is available to the public.

Lim himself says he is a businessman engaging in buy and sell. The Securities and Exchange Commission (SEC), meanwhile, lists him as an incorporator to at least four companies: Micropac Computer Corp., Derchuan Industrial Co., Inc, Derchang Electrical Industries Inc., and Hi-Life Health Spa Corp.

Only Derchuan Industrial and Hi-Life Health Spa are currently registered while Micropac Computer and Derchang Electrical Industries have had their registration revoked by the SEC.

Lim is the president and chairman of Derchuan Industrial, a company whose primary purpose is “(to) engage in, conduct and carry on the business of buying, selling, distributing, marketing at wholesale and retail …”

Derchuan registered with the SEC on August 23, 1993 and holds office in Novaliches, Quezon City. Its general information sheet indicates that it has an authorized capital stock of P5 million with a paid up capital of P1.24 million.

Lim is a stockholder of the company along with two Filipinos (Wilbert S. Lim and Elaine C. Garcia) and two Chinese nationals (Lee Ming Tao and Fan Chih-Mei). He has subscribed shares worth P450,000 in Derchuan.

Derchuan’s audited financial statement shows that it had a net income of P161,036.71 in 2007, slightly higher from P150,839.92 in 2006. The statement also indicates the firm’s total assets and total liabilities and stockholder’s equity are both at the same amount of P2.9 million, as of December 2007.

Lim is also a stockholder of Hi-Life Health Spa, located in Barangay Manresa, Quezon City. His subscribed shares there are worth P375,000.

Other stockholders of the company are Henry S. Tan, Lolita S. Ching, Loraine S. Tan, and Ma. Gemma C. Galpo. Hi-Life Health Spa’s audited financial statements show that it had a cash balance of P178,686.25 and net loss of P732,376.99 in 2008. The statement also indicated the company’s total assets and total stockholder’s equity are also both at the same amount of P3 million, as of December 2008. Hi-Life was registered with the SEC on November 1, 2004. – PCIJ, August 2009

Read our report: “Gov’t spends P45M on road to lot Arroyo sold for P42M“