Amari stockholder seeks court relief

The single majority stockholder of Thai firm Amari Coastal Bay Development Corp. asked the Supreme Court (SC) yesterday to allow it to intervene in the case while the motion for reconsideration is still being deliberated upon by the 15 justices.

In July 2002, the Supreme Court nullified jailed President Joseph Estrada’s renegotiated land deal with Amari in May 1999, granting the December 1998 petition filed by former Solicitor General Francisco Chavez which sought the nullification of the Public Estate Authority’s sale to Amari of 157 hectares of reclaimed land along Roxas Boulevard. Amari appealed the decision.

Prime Orion Philippines, formerly Guoco Holdings Phils. Inc., said the July 2002 SC ruling had dealt a blow to the investment community, as any declaration of nullity on a valid agreement would make investors suffer, especially so if the company had already poured in money into the deal. – Delon Porcalla