Gov’t to get P29-B PTIC shares

The Sandiganbayan’s fourth division ordered yesterday the transfer of P29 billion worth of Philippine Telecommunications Investment Corp. (PTIC) shares to the government after the Supreme Court ruled that they "bear the character of ill-gotten wealth" accumulated either by the late strongman Ferdinand Marcos or the late businessman Ramon Cojuangco.

In an eight-page resolution, the anti-graft court ordered PTIC’s corporate secretary to cancel the 111,415 shares registered in the name of Prime Holdings Inc. (PHI) and to issue new certificates in the name of the Republic of the Philippines to comply with the Supreme Court’s Jan. 20 ruling.

Presidential Commission on Good Government Commissioner Nicasio Conti said the PCGG will immediately deliver the new stock certificates to the Department of Finance, which has already pre-qualified a number of bidders who expressed interest in buying the PTIC shares.

The PCGG estimates the auction of the PTIC shares to fetch between P25 billion to P29 billion.

"We would like to commend the Office of the Solicitor General and the lawyers of the PCGG legal department for their diligent effort in seeing this case to its conclusion. This has been a difficult case and a great victory for the people," Conti said.

The Sandiganbayan ordered the transfer after it overruled the objections filed by intervenors Alfonso Yuchengco and Y Realty Corp. and defendants PHI, estate of Ramon Cojuangco and Imelda Cojuangco, who cited the pendency of an omnibus motion before the Supreme Court seeking permission to file a third motion for reconsideration.

"All told, there exists no legal impediment for the immediate enforcement of the (SC) decision dated Jan. 20, 2006. Verily, accepting the proposition that mere filing of a third motion for reconsideration after an entry of final judgment had already been issued and even after a second motion for reconsideration had already been denied, as in this case, would only lead to absurdity," the Sandiganbayan said.