BY PETER TABINGO

THE Sandiganbayan Fifth Division has junked the claim of the Lopez family to a block of shares in Equitable-PCI Bank owned by the family of former Leyte Gov. Benjamin "Kokoy" Romualdez.

The court said the lawsuit of the Lopez company First Philippine Holdings (FPH) against Trans Middle East Equities (TMEE) was filed too late.

In a 12-page resolution promulgated last February 22, the graft court held that FPHC was already barred by the statute of limitations when it filed its claim against TMEE on Dec. 28, 1988.

It said TMEE acquired the 51.827 million shares in PCI Bank (which later merged with Equitable Bank) on May 24, 1984, hence FPH’s right to challenge the sale expired on May 24, 1988.

The court said Article 1391 of the Civil Code gives a party no more than four years within which to move for annulment of a transaction on the ground of fraud.

FPH claimed the Marcos administration and Romualdez, younger brother of Imelda Romualdez Marcos, used ‘threats and intimidation’ to force it to sell the PCI shares.

The court said it is not persuaded by FPH’s reasoning.

"The court observes that even as the supposed cause of pressure or intimidation purportedly ceased (with the ouster of Marcos) on Feb. 24, 1986, FPH still tarried in pursuing its claim for annulment and waited for more than two years… before filing its complaint-in-intervention," the Sandiganbayan said.

TMEE bought disputed shares, then totaling 6,299,177, for P47.24 million.

First Holdings said at the time the actual value of shares was P104.76 million.

As of June 2006, First Holding said the shares held by TMEE represented 7.13 percent of EPCI Bank’s outstanding capital.