MANILA, Philippines — The Sandiganbayan have directed the heirs of Marcos cronies Jose Africa and Manuel Nieto Jr. turn over their shares in Eastern Telecommunications Philippines Incorporated (ETPI) to the government.
In a 142-page ruling dated Wednesday, the Sandiganbayan Special Third Division deemed the shares to be ill-gotten wealth of ousted dictator Ferdinand Marcos and ordered these to be reverted to the Philippine government.
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The anti-graft court determined that Nieto and Africa transferred the said shares to Polygon Investors and Managers Incorporated and individual shareholders.
The Sandiganbayan ordered Aerocom Investors and Managers Incorporated and Nieto, substituted by his heirs, to pay the government P68.167 million, equivalent to the value of ETPI shares transferred or conveyed to ISM Communications Corporation.
“[T]he evidence exceedingly show that the shares of AEROCOM and the small individual shareholders originated from the defendants Africa and Nieto, Jr. Just like POLYGON, AERCOM was merely used as a conduit to further hide defendant Ferdinand Marcos's ill-gotten wealth,” the decision read.
“Anent (concerning) the small individual shareholders, the Court finds that they did not acquire any lawful or vested right over their shares and should, therefore, reconvey them to the rightful owner, the Republic.”
Nieto and Africa's heirs were also ordered by the high court to pay the government P1 million "as exemplary damages."
The Sandiganbayan, however, junked the case against Ferdinand and Imelda Marcos with former Defense Minister Juan Ponce Enrile “for failure of the Republic to establish preponderance of evidence against them.”