Lucio Tan Wins Ill-Gotten Wealth Case

MANILA, Philippines --- The camp of business tycoon Lucio Tan is seeking to regain full ownership of the companies, which he acquired during the administration of former President Ferdinand E. Marcos but were sequestered by the Presidential Commission on Good Governance (PCGG), after the Sandiganbayan junked the ill-gotten wealth charges lodged against him.

The Sandiganbayan recently issued a ruling on Civil Case No. 0005, dismissing the ill-gotten wealth charges against Tan after the PCGG failed to prove he illegally at acquired at least nine companies during the Marcos administration. These include Fortune Tobacco Corp., Asia Brewery, Inc., Allied Banking Corp., Foremost Farms, Himmel Industries, Inc., Grandspan Development Corp., Silangan Holding, Inc., Dominium Realty and Construction Corp. and Shareholdings, Inc. and shares in the Philippine National Bank.

PCGG sequestered some of Tan's stock shares in most of these companies in 1986 pending the result of the ill-gotten case it filed against him.

Despite the previous rulings from Sandiganbayan in 1993 and 2006, which nullified the sequestration, Estelito Mendoza, Tan's legal counsel, stressed PCGG still maintains its hold on the said shares.

"It is Dr. Tan's hope with this decision of the Sandiganbayan, the PCGG will relent in its effort to lay claim and in restricting the exercise of full rights over those properties," said Mendoza as he welcomed the Sandiganbayan verdict.

Mendoza said this in response to the opposition of the PCGG to the merger of Allied Bank, which is part of the Civil Case No.0005, and Philippine National Bank (PNB).

"He trust that with the decision of the Sandiganbayan, the Central Bank, the PDIC (Philippine Deposit Insurance Corporation) and the SEC (Securities and Exchange Commission) will see their way clear to expeditiously give their respective approval to the merger of Allied Bank and PNB," Mendoza said.

"The delay is not only prejudicial to the stockholders but to the banking system and the economy of the country," he added.

Tan is also demanding for P300 million in damages from the government after it lost its P50 billion suit against him.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • National Geographic 'Afghan girl' in Pakistan papers probe
    National Geographic 'Afghan girl' in Pakistan papers probe

    Pakistani officials are investigating after the famous green-eyed "Afghan girl" immortalised in a 1985 National Geographic magazine cover was found living in the country on fraudulent identity papers. The haunting image of the then 12-year-old Sharbat Gula, taken in a refugee camp by photographer Steve McCurry, became the most famous cover image in the magazine's history. Now Pakistani officials say that Gula applied for a Pakistani identity card in the northwestern city of Peshawar in April …

  • NYC, Orthodox Jews reach deal on circumcision suction ritual
    NYC, Orthodox Jews reach deal on circumcision suction ritual

    NEW YORK (AP) — The city said Tuesday it has reached a tentative agreement with members of the ultra-Orthodox Jewish community over a tradition known as oral suction circumcision. …

  • ‘Noy angered by previous SAF failures to get Marwan’
    ‘Noy angered by previous SAF failures to get Marwan’

    Supt. Raymund Train, who led the SAF team that killed Marwan in Mamasapano, Maguindanao on Jan. 25, recounted in a sworn statement the meeting he and senior SAF officers had with Aquino in Malacañang on Nov. 30. Train said among the senior officers who attended the meeting were then PNP chief Director General Alan Purisima, SAF chief Director Getulio Napeñas, SAF deputy commander Chief Supt. Noli Taliño and intelligence group chief Senior Supt. Fernando Mendez. …

  • Duterte: Disband all armed groups
    Duterte: Disband all armed groups

    All armed groups, including those of the communists and Muslim secessionist groups, should be disbanded for the country to achieve stability, Mayor Rodrigo Duterte said yesterday. Duterte said even the Moro Islamic Liberation Front, the Moro National Liberation Front and the New People’s Army should be asked to lay down their arms once these groups agree to join him in what he described as a unity government if he becomes President in 2016. Duterte said under the federal government that he is …

  • Vatican seeks to quell Mexican anger over pope's drug remark
    Vatican seeks to quell Mexican anger over pope's drug remark

    VATICAN CITY (AP) — The Vatican sought Wednesday to defuse a diplomatic tiff with Mexico after Pope Francis referred to the possible "Mexicanization" of his native Argentina from drug trafficking, the latest instance of Francis' casual speaking style getting him into trouble. …

  • School can’t sack unwed mom – SC
    School can’t sack unwed mom – SC

    The dismissal of an employee of a Catholic school on the grounds of premarital sexual relations and pregnancy out of wedlock was illegal, the Supreme Court (SC) has ruled. In a 23-page decision promulgated on Feb. 17, the third division of the high court struck down the decision of St. Scholastica’s College-Westgrove (SSCW) in Silang, Cavite to dismiss Cheryll Santos Leus for “disgraceful or immoral conduct” in violation of the school’s 1992 Manual of Regulations for Private Schools (MRPS). …

  • Who's your daddy? Hippo ancestry unveiled
    Who's your daddy? Hippo ancestry unveiled

    A great-great grandfather of the hippopotamus likely swam from Asia to Africa some 35 million years ago, long before the arrival of the lion, rhino, zebra and giraffe, researchers said Tuesday. "The origins of the hippopotamus have been a mystery until now," Fabrice Lihoreau, a palaeontologist at France's University of Montpellier and co-author of the study, told AFP. …

  • BOC destroys P50-M smuggled shoes
    BOC destroys P50-M smuggled shoes

    The Bureau of Customs (BOC) destroyed yesterday some P50 million worth of fake footwear products earlier seized in an anti-smuggling drive. The knockoffs of popular brands such as Nike, Adidas, Converse, Skechers, Northface, Leaveland, Merelle, Lacoste, Vans, Havaianas and Ipanema were confiscated from Warehouse 4 in Olivarez Compound, Parañaque City. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options