In dismissing the case, Justice Narciso Nario of the anti-graft court’s fourth division said, "There is a total absence of evidence that would show actual injury or damage to the government."
The case stemmed from Araneta’s purchase of a major portion of the assets of Pantranco North Express Inc. in the amount of P775 million between March 1985 and March 1986.
In its complaint, the PCGG claimed that Araneta "unduly influenced" the boards of directors of the Philippine National Bank, National Investment and Development Corp. and Pantranco North Express Inc. to sell several Pantranco assets.
The PCGG also claimed that Araneta unlawfully gained income, amounting to some P85.6 million, from such assets even before he paid the agreed downpayment of P55 million.
"The prosecution did not present a single piece of evidence that would prove (the charge)... There can be no basis to make any finding that accused Araneta had been given unwarranted benefits, advantages and/or preferences or undue injury or damage caused to the government," Nario wrote in his ruling.
Meanwhile, the PCGG asked Congress to allocate some $200 million from the $650-million Marcos account held in escrow with the PNB for the compensation of almost 10,000 human rights victims during Marcos’ martial law regime.
"We propose that in case of future final judgment in the civil case pending before the Sandiganbayan, $200 million be allocated to compensate the victims," said PCGG Commissioner Ruben Carranza Jr. — With Sheila Crisostomo