THE Wellex Group Inc. (TWGI) of businessman
William Gatchalian has filed a P1 million lawsuit against Banco
de Oro-Unibank before the Makati regional trial court in
connection with the bank’s turnover of 450 million Waterfront
shares to the Sandiganbayan Sheriff and Security Services
Office.
Named co-respondent was Sandiganbayan chief
sheriff Edgardo Urieta.
TWGI also sought the issuance of a temporary
restraining order (TRO) to stop the scheduled public auction of
the Waterfront shares on May 15, 2009.
TWGI lawyers Joaquin Obieta and Ma. Julieta
Santos claimed BDO and Urieta went beyond the directives of the
Sandiganbayan Special Division which ordered the garnishment of
all assets contained in Investment Management Account (IMA) No.
101-78056-1 in the name of Jose Velarde.
"The subject (Sandiganbayan) resolution
merely authorized the issuance of another Notice to Deliver to
defendant BDO for the delivery to the Sandiganbayan of the
amount of P189,700,000 inclusive of interest and income earned,
covered by the IMA account. It did not authorize… Sheriff Urieta
to take control and possession of the subject shares of stock,
much less to sell the same," they argued.
The court ordered the forfeiture as part of
its Sept. 12, 2007 conviction of former President Joseph Estrada
of plunder and its declaration that Estrada and Jose Velarde
were one and the same person.
Included in the forfeiture ruling were P545
million in alleged jueteng payola collected by Estrada, P189.7
million commission from insider trading on Belle Corp stocks
involving P1.88 billion funds of Social Security System and
Government Service Insurance System, and the so-called Boracay
mansion in New Manila, Quezon City.
The court has already recovered P215 million
from the Erap Muslim Youth Foundation which money was said to be
part of jueteng collections.
Last April 25, BDO turned over to the
Sheriffs’ Office P101.3 million in cash, forming part of the
P189.7 million. Also transferred to the Sandiganbayan were the
450 million Waterfront shares to cover the balance of P88.4
million.
In its complaint, Wellex said the said shares
were never foreclosed, hence under the law, it still enjoys
ownership over the said assets. "In other words, the subject
shares of stocks do not form part of the IMA and may not be
validly levied upon," it said.
But in the absence of any TRO or injunction from the courts,
Urieta said the auction will push through as scheduled. –
Peter Tabingo
