THE Bank of Commerce has not acknowledged two
notices of garnishment from the Sandiganbayan on a bank account
holding P1,225,025,707.31 in deposits under the name of Prime
Holdings Inc. (PHI), Sandigan sheriffs reported yesterday.
Sheriffs Reynaldo Melquiades and Albert A.
dela Cruz said the bank’s officials have not made any reply to
the first notice served last August 8 through Katherine Morales
of the bank’s legal services, and to the second notice delivered
to Bank of Commerce president and CEO Raul de Mesa on August 20.
The sheriffs are seeking guidance from the
court on what steps to take to compel the bank to deliver the
funds which have been forfeited in favor of the government.
Last August 5, Banco de Oro turned over to
the Presidential Commission on Good Government a manager’s check
for P757,633,714.17 to satisfy the same forfeiture ruling.
The sums from both banks form part of
dividends paid to 111,415 shares of the Philippine
Telecommunications Investments Corp. (PTIC) from 1986 to 1987
which were declared forfeited in favor of the state in 2006 and
subsequently sold for P25.2 billion to Hong Kong-based firm
First Pacific Co. Ltd. on Feb. 28, 2007.
According to the PCGG, PTIC declared cash
dividends amounting to P911 million in 2005. Of this amount, PHI
received P377.33 million.
PCGG officials said most recent assessments
place the value of the subject PTIC dividends at around P8.5
billion.
Sen. Joker Arroyo, while still a member of
the House in 1993, said the PTIC dividends were already worth
around $500 million.
Executive Secretary Eduardo Ermita, in March
last year, estimated the PTIC dividends at P35.1 billion.
PTIC lawyers Victor P. Lazatin and Arnold M.
Corporal informed Edgardo Urieta, chief of the Sandigan security
and sheriff services, about the PHI deposits in Bank of
Commerce.
PHI is the holding company of the family of
businessman Antonio "Tonyboy" Cojuangco which held the majority
stake in PTIC.
PTIC in turn originally held the biggest bloc
at 28 percent of PLDT. That stake had been diluted to 6.4
percent at the time of the sale last year.
Cojuangco, former PLDT chairman, represents the estate of his
father, the late Ramon U. Cojuangco, in Civil Case 0002.
