THE SUPREME COURT (SC) has issued a temporary restraining order (TRO) against a Manila court’s injunction that revived in August the customs processing modernization project aborted by the Bureau of Customs (BoC).
Jan 062016
Jan 232014
MANILA, Philippines – The group of former Trade Minister Roberto V. Ongpin has firmed up control of Alphaland Corp. after the trial court junked the plea of erstwhile British partner to cancel an equity infusion. With Ashmore Group diluted to a minority stake, Alphaland management is moving forward with various projects including a share sale to increase its public ownership level. In a disclosure, upscale property firm Alphaland said the Makati Regional Trial Court (RTC), in an order dated Jan. 22, upheld Ongpin’s position and denied Ashmore’s request for a temporary restraining order (TRO). The Ongpin Group earlier secured 50.57 percent of Alphaland’s outstanding shares following a P1.5-billion capital call that was ignored by the London-based Ashmore Group. Prior to the transaction, Ongpin Group owned 21.73 percent of Alphaland while Ashmore Group controlled 69.37 percent, which is now down to 24.41 percent. “Instead of participating in the capital call, Ashmore Group applied for an ex parte TRO for 72 hours from the executive judge of the RTC on Jan. 14,” Alphaland said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The judge denied the application and had the case raffled. A hearing was then conducted on Jan. 16, on whether a 20-day TRO should be issued, Alphaland said. Alphaland claimed that Ashmore Group misrepresented the sale of 49.6 million Alphaland shares worth P942 million to comply with the minimum public ownership requirement. “The shareholders agreement was not properly and fully executed. And it is also void for being contrary Read More …
Mar 042013
The Commission on Elections (Comelec) said the Supreme Court has no jurisdiction over its order to the Diocese of Bacolod to remove its controversial “Team Buhay/Team Patay” tarpaulin. “Wala pa namang kaso, ano inaakyat nila sa Supreme Court?” Comelec chairman Sixto Brillantes Jr. told reporters during an interview Monday. “The only thing we’ve sent so far is a letter coming from the Comelec telling them to remove it (tarpaulin) in three days. What will they tell the Supreme Court? May sulat kaming tinanggap dito? Di naman pupwede ‘yun,” he added. According to reports, the Bacolod diocese filed a petition with the Supreme Court asking it to declare as unconstitutional the Comelec’s orders to remove the tarpaulin. But Brillantes said for the diocese to go to the high court on the basis of their letter is “the best evidence that there is something wrong with the lawyer.” “Simpleng-simple lang, sundin lang ninyo ‘yung sukat [ng tarpaulin], tama na sa amin ‘yun. I think it is the lawyer of the bishop who is trying to make something out of this, who is trying to make a big fuss of a small matter,” he said. He also said unless they are restrained by the Supreme Court, they will proceed with the filing of election offense charges against the people behind the oversized tarpaulin. “By tomorrow if the Supreme Court does not come out with anything, no TRO (temporary restraining order) or nothing, we will proceed with the process,” he said. “When we say Read More …