SC rejects PCGG plea on Benedicto golf club stocks
July 6, 2006 | 12:00am
The Supreme Court junked yesterday with finality the motion for reconsideration of the Presidential Commission on Good Government (PCGG) seeking to reverse a Sandiganbayan ruling ordering it to pay the heirs of businessman Roberto Benedicto P34 million worth of shares of stocks in the Negros Occidental Golf and Country Club.
In ruling in favor of Benedictos heirs, the Supreme Court said the PCGG failed to raise new arguments that would justify a reversal of the anti-graft courts decision last March 6 ordering the PCGG to pay Benedictos heirs the value of his 227 shares of stocks in the Negros Occidental Golf and Country Club, placed at P150,000 per share or a total of P34 million.
The Supreme Courts second division, through Associate Justice Cancio Garcia, upheld last March 6 the March 28, 1995 and March 13, 1997 rulings of the Sandiganbayan, granting Benedictos Feb. 22, 1994 motion seeking the release from sequestration of his 227 shares of stocks in the Negros Occidental Golf and Country Club and that he be subsequently paid as part of the compromise agreement he had entered into with the PCGG.
The agreement contained a general release clause where the PCGG agreed to lift the sequestration of Benedictos 227 shares of stocks in the Negros Occidental Golf and Country Club.
The PCGG acknowledged that it was within Benedictos capacity to acquire the shares of stocks out of the income from his businesses.
The PCGG sequestered Benedictos 227 shares of stocks in the Negros Occidental Golf and Country Club pursuant to Executive Order No. 14, Series of 1986, then issued by President Corazon Aquino.
In ruling in favor of Benedictos heirs, the Supreme Court said the PCGG failed to raise new arguments that would justify a reversal of the anti-graft courts decision last March 6 ordering the PCGG to pay Benedictos heirs the value of his 227 shares of stocks in the Negros Occidental Golf and Country Club, placed at P150,000 per share or a total of P34 million.
The Supreme Courts second division, through Associate Justice Cancio Garcia, upheld last March 6 the March 28, 1995 and March 13, 1997 rulings of the Sandiganbayan, granting Benedictos Feb. 22, 1994 motion seeking the release from sequestration of his 227 shares of stocks in the Negros Occidental Golf and Country Club and that he be subsequently paid as part of the compromise agreement he had entered into with the PCGG.
The agreement contained a general release clause where the PCGG agreed to lift the sequestration of Benedictos 227 shares of stocks in the Negros Occidental Golf and Country Club.
The PCGG acknowledged that it was within Benedictos capacity to acquire the shares of stocks out of the income from his businesses.
The PCGG sequestered Benedictos 227 shares of stocks in the Negros Occidental Golf and Country Club pursuant to Executive Order No. 14, Series of 1986, then issued by President Corazon Aquino.
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