MANILA, Philippines - A Makati Regional Trial Court has reaffirmed the victory of listed IT company DFNN Inc. against state-owned Philippine Charity Sweepstakes Office (PCSO) concerning a leasing deal between the two parties.
DFNN earlier filed a petition to adjust the computation of damages to be awarded to the company over the decision of PCSO to terminate the leasing deal with DFNN.
PCSO filed a motion for reconsideration after the court ordered it last Feb. 17 to increase by over 10 times the damages to be paid to DFNN.
However, in a May 18 order, the Regional Trial Court of Makati City denied PCSO’s petition for lack of merit.
“The court, after having read the parties’ respective pleadings does not find any justifiable reason to overturn the assailed decision, much less issue a different ruling. When the court ruled for the petitioner, it was after a thorough perusal of the attendant circumstances, taking into consideration the facts and applicable law,” the court said.
In its decision last Feb. 17, the court granted the petition filed by DFNN as well as the correction of arbitral award to P310 million, plus six percent interest from date of finality of the decision, until final satisfaction by the PCSO of the equipment lease agreement between the company and PCSO.
DFNN president and CEO Ramon Garcia Jr. welcomed the ruling of the court.
“While we and our shareholders are pleased with the latest ruling of the court, we are also cognizant of the public good. We recognize the mandate of PCSO to raise funds for charity, and we reiterate our openness and commitment to partnering and working with PCSO to achieve this goal,” Garca said.
Based on its profile, DFNN, Inc. is a Philippine an IT company with ground-breaking presence in the gaming industry. DFNN currently possesses licenses for electronic gaming machines, sports betting, and digit and pari-mutuel games with the Philippine Amusement and Gaming Corp..
DFNN believes that its unique background as an IT company with a strong success and track record puts it in a unique position to explore and maximize opportunities in the gaming sector.