Four other accused were acquitted, while a fifth died before the decision could be promulgated.
Judge Myra Garcia-Fernandez of Manila Regional Trial Court Branch 18 ruled that Ramon Aranda, Pelagio Tamayo, Eduardo Saromines and Tony Bihug were guilty of kidnapping Jocelyn Sy.
Fernandez ordered the four to pay the victim P79,000 of the unrecovered ransom, P300,000 in moral damages and P100,000 in exemplary damages.
Acquitted for lack of evidence were Christopher Albis, Ronnie Magtibay, Benhur Anastacio and his nephew, Novelo. The case against Felipe Anastacio was dismissed after he died of illness on June 4, 2000 at the Jose Reyes Memorial Medical Center.
Fernandez said Sys testimony was credible and worthy of belief because it was straightforward.
The 20-page decision was drafted last March 17, but it was formally read to the accused only yesterday morning, nine years after the kidnapping.
In her court testimony, Sy identified Aranda, Tamayo, Saromines, Bihug and Novelo as her kidnappers.
However, Novelo was able to present witnesses and documentary evidence to show that it was physically impossible for him to be in Manila when the crime was committed because he was in Mindoro.
"It is preferable for the guilty to remain unpunished than for the innocent to suffer unjustly. This court cannot disregard the serious doubts on the guilt of the latter attendant (Novelo) to this case," Fernandez said.
As for Albis, Magtibay, and Benhur Anastacio, Sy only saw them when they were arrested and brought to Camp Crame in Quezon City, according to court records.
Court records showed that at 7:30 p.m. on Aug. 5, 1997, Sy, her mother and their driver left their stall at the Quinta Market in Quiapo, Manila and were walking toward their car when two men forced themselves inside the vehicle, sat beside Sy and pointed their guns at her.
Another man sat behind her mother, while two others sat on both sides of their driver and took control of the steering wheel.
The men took P2,000 in cash from Sy and several pieces of jewelry worth P50,000.
When they reached the corner of P. Casal and Arlegui Streets in Manila, the men blindfolded her and ordered her mother and driver to get out of the car.
After transferring to another car, the kidnappers ordered Sy to wear a hat and eyeglasses to conceal the blindfold.
To reach the kidnappers safehouse, they walked for 15 to 20 minutes.
At around 9 p.m., the kidnappers called Sys house and she was briefly able to talk to her husband before the kidnappers grabbed the phone and demanded P5 million in ransom money.
The amount was later raised to P30 million.
Sys husband Justo haggled and managed to reduce the ransom to P150,000, not knowing that kidnappers had negotiated an extra P100,000 from Sys mother.
The family sought the help of the police.
On the day of the payoff, Justo, who delivered the ransom at around 1 p.m., was instructed to carry an umbrella so the kidnappers could identify him.
Justo was told to take a taxi and proceed to Muñoz Market in Quezon City.
After waiting for 30 minutes, Justo boarded another taxi, where he turned over the money to the kidnappers. He was left inside the taxi with the promise they would return his wife.
After the payoff, police tailed the kidnappers getaway car, and saw them leave the vehicle in front of No. 22 Bergonia Street, Rivera Village, Pasay City.
Police sought the assistance of the barangay officials before raiding the house and arresting the kidnappers.
Police recovered the P73,000 in ransom and three boxes containing caliber .45 bullets.
However, the eight men found in the house denied taking part in the kidnapping, gave different alibis, and entered pleas of not guilty when arraigned in court.