Ownership over Makati condo resolved

MANILA, Philippines - The Makati City Regional Trial Court Branch 66 has finally resolved the ownership of a posh condominium in Salcedo Village following the withdrawal of the civil cases filed by a Korean group, which initially laid claim and ownership of the building.

In a six-page decision, Makati RTC Branch 66 Judge Joselito Villarosa said the withdrawal of the complaint by the Korean group Byucksan Engineering and Construction Co. Ltd., prompted him to recognize the Optimax International Corp.-controlled board of directors as the controlling board of the Beccomax Property Development Corp. which owns the contested Infinity Tower condominium.

“The motion to withdraw Petition is hereby granted and consequently the Board of Directors elected in the Special Stockholders’ Meeting dated 18 January 2013, namely; Joaquin Rodriguez Jr., Bede Tabalingcos, Cres Dan Bangoy, Kim Byeong Taek and Sang Jin Lee elected as members of the Board of Directors are hereby validated and recognized, including all actions, resolutions and contracts approved and entered into by said Board,” Judge Villarosa said in his decision dated September 20.

The court decision also invalidated the General Information Sheet filed before the Securities and Exchange Commission by Byucksan Engineering and Construction Co.Ltd.

"As such, as it now stands, the Plaintiff’s withdrawal of its Complaints contains a tacit admission of the validity of the Stockholders’ Meeting held on 18 January 2013 and a recognition of the validity of the Board of Directors elected therein and all actions, resolutions and contracts subsequently made by said Board of Directors,” the court decison read.

With the court's order, Optimax now controls the Board of Directors of Beccomax Property Develolpment Corp. which owns majority of the units in the 30-storey Infinity Tower also known as Somerset Serviced Residence Salcedo and Stamford Court.