Sandigan orders Philtrust Bank to pay Hans Menzi estate P153M
- Sandy  Araneta () - January 23, 2008 - 12:00am

The Sandiganbayan Fourth Division has ordered Philtrust Bank to pay the estate of Hans Menzi, though its executor Manuel Montecillo and Hans Menzi Holdings and Management Inc. (HMHMI), the amount of P152,826,937.76 representing the proceeds of certificates of  time deposit (CTD) 162828 and 162829  and all accrued legal interests, which were declared as “not ill-gotten wealth”.

In its 11-page resolution penned by Associate Justice and fourth division chairman Gregory Ong, the Sandiganbayan also ordered Philtrust Bank to deliver to plaintiff Republic of the Philippines (ROP) the proceeds from the sale of the 198,052.5 Bulletin shares sold by defendant HMHMI to Bulletin Publishing Corp. that is now under Philtrust Bank CTD 136301, in the amount o P19,390,156.68, plus interest earned.

The Sandiganbayan resolution was concurred in by Associate Justices Jose Hernandez and Samuel Martires.

On the other hand, the Hans Menzi estate, through its executor Manuel Montecillo, was also ordered to surrender for cancellation the original eight Bulletin certificates of stock in their possession—certificates 312, 292, 314, 131, 132, 291, 293 and 313, which are part of the 212,425.5 Bulletin shares subject of the Supreme Court’s decision in G.R. No. 79126 dated April 15, 1988.

Plaintiff  ROP was also ordered, with respect to the 46,626 Bulletin shares in the name of Eduardo Cojuangco Jr., and pursuant to alternative “A” provided for in the resolution of the Supreme Court dated April 15, 1988, in GR No. 79126, to execute the necessary documents in order to effect the  transfer of the ownership over these shares to the Bulletin Publishing Corp. in accordance with the agreement which it entered into with the latter on June 9, 1998.

“This court finds that there is no longer any legal impediment for the immediate enforcement of the final and executory decision of the Supreme Court dated Nov. 23, 2005. The assets that were earlier freed from the sequestration  order of the PCGG (Presidential Commission on Good Government) and were not declared ill-gotten by this court of the High Court must now be rightfully restored to the estate of Hans Menzi and HMHMI,” said the Sandiganbayan.

The resolution was issued granting the motions of ROP and Hans Menzi estate and HMHMI seeking for the enforcement of the Supreme Court’s decision dated Nov.  23, 2005.

In its resolution, the Sandiganbayan  said  the issue of the propriety of the sequestration order was already included  in the said Sandiganbayan decision.

“While  it is true that neither the Sandiganbayan decision nor the Supreme Court’s of Nov. 23,  2005, affirming this court’s verdict categorically declared the proceeds of CTD 162828 and 162829 as ‘not ill-gotten’, the only logical and, to stress, legal conclusion  is that said assets came to exist as a result of a legitimate activity or enterprise and, therefore, not ill-gotten at all. Putting it differently, the lifting of the sequestration or freeze order confirmed the legitimacy of these assets,” said the anti-graft court.

BULLETIN PUBLISHING CORP COURT HANS MENZI PHILTRUST BANK SANDIGANBAYAN SUPREME COURT
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