Lucio Tan to take possession of Jacinto's properties

MANILA, Philippines – Tobacco and airline magnate Lucio Tan’s Philippine National Bank (PNB) is set to finally take possession of prime properties in Makati City and Tagaytay City previously owned by musician-businessman Ramon Jacinto over his RJ Ventures Realty and Development Corp.’s unpaid obligations amounting to about P6 billion.

Judge Alberico Umali of the Makati Regional Trial Court’s Branch 138 issued an order on June 29 restoring the properties located at the corner of Sen. Gil Puyat and Paseo de Roxas Avenues in Makati City as well as several pieces of real estate in Tagaytay City to the possession of PNB.

Umali said that since an entry of judgment had already been made by the Supreme Court (SC) dismissing RJ Ventures’ petitions, it was the trial court’s ministerial duty to execute an earlier Court of Appeals (CA) ruling restoring the subject properties of the dispute to PNB’s possession.

The judge then issued a writ of possession dated July 5 directing the court sheriff to place PNB in possession of the Buendia and Tagaytay properties.

The Makati RTC Branch 132 issued two orders in March last year stripping PNB of its possession of the Buendia and Tagaytay properties.

However, the appellate court issued two rulings reversing the twin orders issued by Branch 132 and restoring possession of the Buendia property, covered by TCT No. 218228, and the Tagaytay properties, covered by TCT Nos. T-42642 and T-42643, to petitioner PNB.

Jacinto elevated the case to the SC but the high tribunal issued two resolutions dated Dec. 14 last year and Feb. 15 stating that the musician-businessman failed to show that the CA committed a reversible error.

In fact, the High Court, in its February resolution, explained that RJ Ventures’ petition was dismissed outright in accordance with jurisprudence concerning empty and baseless arguments.

It added that Makati RTC’s Branch 132 had no jurisdiction to vary the high court’s decision in an earlier case (G.R. No. 16548) and what Branch 132 did was clearly impermissible and prohibited.

The Tribunal also stressed that RJ Ventures cited the Court of Appeals’ decision completely out of context.

It said that the decision allowing the foreclosure sale of the Buendia and Tagaytay properties was already final and could not be re-opened by subsequently questioning the foreclosure sale of Rajah Broadcasting’s radio and broadcasting equipment.

It then reminded the counsel of RJ Ventures and Rajah Broadcasting to respect due bounds of ethical professional behavior and warned that (they) may be treading on dangerous grounds of contempt if (they) persist in issuing misleading press statements.

The SC even ruled that RJ Ventures’ motion for reconsideration was denied “with finality” and directed the opposing parties “to desist from filing any further pleading relating to the dismissal of the petition.”