Friday, October 16, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
RJ VENTURES Realty and Development Corp. has asked the Supreme Court (SC) to overturn a Court of Appeals decision that allowed the Philippine National Bank (PNB) to take over its Makati and Tagaytay properties.
In a five-page petition filed yesterday, the company, owned by businessman and entertainer Ramon P. Jacinto, said "it still has to be determined whether petitioner is in default ...[PNB] can still recover the land if it wins the trial on the merits."
RJ Ventures and Rajah Broadcasting Network, Inc.’s debt used to buy the properties stood at P5.405 billion and P841 million, respectively. When these went sour in 1999, the bank started foreclosure proceedings.
RJ Ventures claims PNB had turned its back on a pledge to restructure the loans, and that this had something to do with Mr. Jacinto’s "persecution" during the Estrada administration.
In 2006, however, RJ Ventures got a status quo ruling from the Supreme Court. But lower courts have maintained that the Makati and Tagaytay lots were not covered by the main case involving the supposed loan defaults. — Ira P. Pedrasa
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