MANILA, Philippines — Listed Greenergy Holdings Inc. has secured a favorable court ruling on a civil case filed by businessman and former executive Antonio Tiu.
Greenergy, in a disclosure, said that the Regional Trial Court of Bulacan Branch 7 has dismissed a civil case filed by Tiu, through Earthright Holdings Inc., against the company and MIS Maritime Corp.
The case involves a complaint for rescission with application for the issuance of temporary restraining order and/or writ of preliminary injunction filed by Earthright against MIS and Greenergy on Aug. 5.
Earthright claimed that the consideration for the deed of assignment of subscription rights involving the transfer of its 750 million common shares in Greenergy to MIS was allegedly not paid.
In dismissing the case, Greenergy said the court ruled that the allegations in the complaint did not constitute any violation of the Revised Corporation Code.
It said the court further found that there were no allegations of fact that would constitute an intra-corporate dispute between the plaintiff and the defendants.
Tiu, in a social media post, said that the “complaint is the opening salvo of what I expect to be a long fight to clear my name in the wake of recent adverse publicity.”
Tiu stepped down as director of Greenergy in May last year due to personal reasons.
Former Education secretary Leonor Briones last month resigned from the board of Greenergy in support of Tiu.
Briones, who served as an independent director of Greenergy, said that as a member of the board, she was not fully informed about the crucial decisions involving the decision of Tiu to leave the company.
Aside from Briones, Greenergy also received last month the resignation of Kenneth Tan as director due to personal reasons.