Posted on 08:43 PM, July 13, 2010 [ BusinessWorld Online ]
LUCIO TAN-owned Philippine National Bank (PNB) has retaken properties from RJ Ventures Realty and Development Corp. of singer-businessman Ramon Jacinto after a Makati court issued a ruling in its favor.
In a disclosure to the stock exchange, PNB said it has repossessed an 8,000-square meter lot at the corner of Senator Gil Puyat Ave. corner Paseo de Roxas, Makati City and two parcels of land in Tagaytay City.
These properties were used as collateral by RJ Ventures but were foreclosed by the bank after the company defaulted on its loan.
RJ Ventures regained possession of these properties by virtue of a ruling by the Makati Regional Trial Court (RTC) branch 132. The Court of Appeals, however, reversed the lower court’s order in July 2009.
The Supreme Court also ruled against RJ Ventures.
Thereafter, Judge Alberico Umali of Makati RTC branch 138 issued a July 5 order recognizing the right of PNB to retake the properties. He also issued a writ of possession for PNB, directing the sheriff to serve the notice to RJ Ventures to vacate these properties.
The bank said the titles to the Buendia and Tagaytay properties have been under its name since 2000.
BusinessWorld tried to contact Mr. Jacinto at his office but the singer-businessman was not immediately available for comment.
PNB, owned by tobacco and airline magnate Tan, is the country’s fifth largest bank in terms of assets with P281 billion according to central bank data as of March 31. It is set to merge before yearend with Allied Banking Corp., also owned by Mr. Tan. -- Jose Bimbo F. Sa
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