20-05-2025
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
