Sandigabayan orders return of sequestered assets to Imelda's late brother
The Sandiganbayan has ordered the return of at least P3.5 billion worth of Philippine International Commercial Bank (PCIBank) shares, now Banco de Oro (BDO) shares, to the late Benjamin Romualdez, brother of former First Lady Imelda Marcos.
The Sandiganbayan's 12-page ruling dated May 16 concerns Civil Case 0035 filed by the government against Trans Middle East Phils. Equities Inc. (TMEPEI) owner Romualdez, among others, more than three decades ago.
Civil Case 0035 alleges that Romualdez forcefully acquired 6,299,177 million of PCIBank shares of stock by using his ties to his sister Imelda and his brother-in-law, then President Ferdinand Marcos, Sr., and listing his firm TMEPEI and Edilberto Narciso, Jr. as his 'dummy buyers.'
The anti-graft court said the Supreme Court, in July 2022, already ruled that Sandiganbayan committed grave abuse of discretion in its January 2003 decision which declared the April 1986 Sequestration Order No. 86 0056 covering the bank shares null and void but at the same time ordered the deposit of the assets to the state-run Land Bank of the Philippines in escrow 'for the persons, natural or juridical, who shall eventually be adjudged lawfully entitled thereto.'
The High Court July 2022 decision then became final and executory on October 4, 2023.
'In the [Supreme Court] Decision dated July 6, 2022 in Trans Middle East (Phil.) Equities, Inc. v. Sandiganbayan (Fifth Division), the Supreme Court specifically directed the Sandiganbayan's Executive Clerk of Court, the PCGG, and all other concerned entities to immediately release in favor of TMEPEI the subject previously sequestered assets and properties pertaining to TMEPEI,' the Sandiganbayan said.
'In view of the Supreme Court's Decision dated July 6, 2022 in Trans Middle East Phils. Equities, Inc. (TMEPEI) v. Sandiganbayan, the Sandiganbayan can no longer retain legal custody over the previously sequestered assets pertaining to TMEPEI,' it said.
The PCI Bank shares are now BDO shares since the bank was merged with Equitable Bank in 1999 to form Equitable-PCI Bank, an entity which later merged with Banco de Oro (BDO) in 2007.
Further, the Sandiganbayan also tasked its Executive Clerk of Court, the PCGG, and BDO, to submit their respective reports on the action taken on the matter within 15 days from receipt of the May 16, 2025 resolution.
The Sandiganbayan May 2025 decision was penned by Sandiganbayan Sixth Division chairperson and Associate Justice Sarah Jane Fernandez and concurred by Associate Justices Kevin Vivero and Lord Villanueva.
Benjamin Romualdez died in 2012 due to cancer. —AOL, GMA Integrated News
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
2 days ago
- GMA Network
Romualdez eyes legislation to make P20-per-kilo rice sustainable
Speaker Martin Romualdez said Wednesday that he will sponsor at least six measures to ensure that the provision of the P20 per kilo rice will become permanent. Romualdez made the announcement after his meeting with Agriculture Secretary Francisco 'Kiko' Tiu Laurel Jr. and Agriculture Undersecretary and Chief of Staff Alvin John Balagbag, assuring support to the following priority measures that the Department of Agriculture (DA) deems essential to make the P20 per kilo permanent: amendments to the Rice Tariffication Law (RTL) by restoring key regulatory powers to the National Food Authority (NFA) to stabilize prices and protect local production Livestock Development and Competitiveness Act Philippine Corn Industry Development Act Onion Research Center Act Amendments to Republic Act 7308 or the Seed Industry Development Act of 1992 and Amendments to the Local Government Code to strengthen agricultural extension services at the LGU level. 'These are not just bills — they are blueprints for lasting change. I will personally sponsor these measures to institutionalize President Marcos' vision of affordable rice for all and stronger support for our farmers,' Romualdez said. 'Legislation is the strongest tool we have to make this program permanent. Sisiguruhin natin na may P20 per kilo na bigas sa merkado para sa mga nangangailangan. We will build a system where affordable rice is not a seasonal miracle, but a daily reality,' Romualdez added. (We will ensure that P20 per kilo rice will be available for those in need.) Also present during the meeting include: House Committee on Agriculture Chairman Mark Enverga of Quezon, House Majority Leader Mannix Dalipe of Zamboanga city, Deputy Speaker David 'Jay-jay' Suarez of Quezon, Camiguin Representative Jurdin Jesus Romualdo, Surigao del Sur Representative Johnny Pimentel, Deputy Speaker Antonio 'Tonypet' Albano of Isabela, House Secretary General Reginald 'Reggie' Velasco, and Isabela Governor Rodito Albano III. Romualdez said that the farmers cannot be asked to feed the nation when they are deprived of better seeds, tools, market access, and dignity.' 'Together, we will deliver affordable rice, a stronger agriculture sector, and a future where no Filipino is left behind. Ang P20 kada kilo ng bigas ay hindi lang pangarap. Sa tulong ng batas, determinasyon, at pagkakaisa, gagawin natin itong permanente at tuloy-tuloy,' he added. (The P20 per kilo of rice is not a dream. With the help of the law and our efforts, it will become permanent.) –NB, GMA Integrated News
GMA Network
4 days ago
- GMA Network
Wage hike passage before 19th Congress ends? Speaker says: ‘We'll see'
Speaker and Leyte Representative Martin Romualdez on Monday did not give guarantees on the passage of the proposed legislated wage hike for minimum wage workers in the private sector before the 19th Congress adjourns on June 13. 'Well, we'll see. We'll see,' Romualdez told reporters when asked if the House version of the bill hiking the minimum wage by P200 will be passed before Congress ends sine die after two weeks. 'We'll leave it up to the process,' he added. The House version offer a higher increase than the proposed wage hike of 100 already approved by the Senate on third and final reading. The House version, however, has only hurdled committee level approval at this point. And since the House and the Senate have different versions of the bill, the Bicameral Conference Committee composed of the House and Senate lawmakers will still need to reconcile the bills first, approve it, and send it to President Ferdinand "Bongbong" Marcos, Jr. to be signed into law. If the wage hike measure is not signed into law by June 13, it will have to be refiled again next Congress, which starts on July 28. In a separate statement, the The National Wage Coalition called on the House of Representatives to approve the P200 legislated minimum wage hike as soon as possible. 'For our economy, employers, and most especially the workers of this country, most of whom have no union and no collective bargaining agreement, the passage into law of the ?200 legislated wage hike is the only logical and just path forward as a social, economic, and moral imperative,' the coalition composed of the Bukluran ng Manggagawang Pilipino (BMP), Kilusang Mayo Uno (KMU), Nagkaisa! Labor Coalition (NAGKAISA!), and the Trade Union Congress of the Philippines (TUCP) said. 'This wage hike is the only hope to rescue both present and future generations from the cruel and harsh reality of getting paid a minimum wage for working for a living yet wallowing in abject record-high self-rated poverty and involuntary hunger where they cannot even feed their family, send their children to school, go to hospital for medical emergencies, or even live with dignity,' the coalition added. — BM, GMA Integrated News
GMA Network
5 days ago
- GMA Network
Ruffy Biazon to appeal Sandiganbayan ruling on graft case
The team of reelected Mayor Ruffy Biazon said they will be filing a motion for reconsideration, seeking the anti-graft court to re-examine the ruling and citing his right to due process. Muntinlupa Mayor Rozzano Rufino 'Ruffy' Biazon over the weekend said he will appeal Sandiganbayan's ruling that found him, along with five other respondents including businesswoman Janet Napoles, guilty of graft in connection to the alleged misuse of the priority development assistance fund (PDAF) in 2007. In a statement issued by his spokesperson Atty. Mitchell-David Espiritu, the reelected mayor's team said they will be filing a motion for reconsideration, seeking the anti-graft court to re-examine the ruling and citing his right to due process. 'We respect the Sandiganbayan's decision as part of our justice system. However, we are surprised by the outcome, especially since Mayor Ruffy was previously acquitted of similar charges involving public funds,' Espiritu said in Filipino in a post on Biazon's official Facebook page. 'We remain hopeful that, like the earlier cases, Mayor Ruffy will ultimately be acquitted once due process has been completed. We intend to explore all legal remedies, beginning with a motion for reconsideration,' he added. Biazon, along with businesswoman Janet Napoles and former government agency Technology Resource Center (TRC) officials Dennis Cunanan, Maria Rosalinda Lacsamana, and Evelyn De Leon were sentenced to six to eight years in jail and perpetual disqualification from public office after being found guilty of the Anti-Graft and Corrupt Practices Act. Court records showed that whistleblower Benhur Luy said Biazon received some P1.950 million through an authorized representative, and the public funds from Biazon's PDAF went to Napoles-run Philippine Social Development Foundation Inc. (PSDFI), a corporate entity that could not have been physically located at its declared address. Biazon, for his part, argued that he merely endorsed the non-government organization (MGO) to the TRC, and that his signature was forged by the whistleblower. The court meanwhile found that Biazon's endorsement functioned more as an instruction than a recommendation, and that there was no substantial evidence that he took steps to dispute or report the alleged forgery. 'Mayor Ruffy will continue to uphold the law — the same law that grants him the right to defend himself and to clear his name of these accusations,' Espiritu said. 'According to the law, Mayor Ruffy will stay in his post and fulfill the mandate entrusted to him by the people of Muntinlupa,' he added. —RF, GMA Integrated News
