MANILA, Philippines - The Land Bank of the Philippines (Landbank), filed charges yesterday against six respondents in relation to the cancellation of the bank’s shares of stock in Manila Electric Co. (Meralco).
Landbank filed a plunder case before the Office of the Ombudsman against former Agrarian Reform Regional Adjudicator Conchita Miñas and former Meralco president Jesus Francisco and corporate secretary Emmanuel Sison. Landbank also filed plunder cases against Juanita Baylon and Maximo Elejerio, both working as government sheriffs and landowner Josefina Lubrica.
The case concerns the cancellation of 42 million shares of stock of Landbank in Meralco on Nov. 28, 2008 and the issuance of new certificates for the shares in favor of Lubrica.
Landbank said DAR’s Miñas issued the cancellation order. Lubrica is the assignee of Federico Suntay who was the reported owner of 948.1911 hectares of land located in Sta. Lucia, Sablayan, Occidental Mindoro and covered by Transfer Certificate of Title (TCT) No. T-31 of the Registry of Deeds of Mamburao, Occidental Mindoro.
However, Lubrica and the Department of Agrarian Reform (DAR) were unable to mutually agree on the proper just compensation.
As a result of the impasse between the parties, the issue of just compensation was submitted before the Department of Agrarian Reform Adjudication Board (DARAB). Through Miñas, the DARAB set the just compensation for the expropriated property at roughly P157 million and further directed Landbank to pay the amount. The compensation was through the sale of Landbank’s shares of stock in Meralco.
In response, Landbank assailed the order and filed a petition before the Regional Trial Court to determine the just compensation for the expropriated property.
The case was submitted to the Supreme Court which ruled in favor of Landbank on Oct. 11, 2007 and ordered the RTC to conduct further proceedings to determine the just compensation.