The Sandiganbayan has granted the release of previously sequestered assets linked to the late Benjamin “Kokoy” Romualdez, brother of former First Lady Imelda Marcos, following a Supreme Court ruling that cleared the way for their return.
In a recent resolution, the anti-graft court’s Sixth Division directed the Presidential Commission on Good Government (PCGG), the Sandiganbayan Executive Clerk of Court, and other concerned parties to release assets that may still be in their custody. These include shares of stock and earnings such as dividends and interest from BDO Unibank.
The order stemmed from a motion filed by Trans Middle East (Phils.) Equities, Inc. (TMEPEI), seeking the return of the assets, which had been subject to sequestration since 1986 under Order No. 86-0056. Though a 2003 resolution declared that order null and void, it did not immediately return the assets to the company. Instead, the shares were held in escrow by the Land Bank of the Philippines.
TMEPEI’s appeal for full control of the assets was initially denied by the court’s Fifth Division, which said that ownership questions tied to alleged ill-gotten wealth had yet to be resolved. “The lifting of the sequestration… does not mean that TMEPEI may exercise unrestricted rights of ownership thereon,” the court previously ruled.
However, in July 2022, the Supreme Court reversed that position, ruling that the Sandiganbayan committed “grave abuse of discretion” by keeping the assets under court custody despite the lifting of sequestration and the dismissal of the complaint against TMEPEI. “There was no longer basis for holding TMEPEI’s shares of stock in custodia legis,” the High Court ruled.
The Sandiganbayan’s Sixth Division has now upheld that decision, saying it can “no longer retain legal custody” of the assets. While it did not disclose the specific amount to be released, it ordered all parties involved to submit a report within 15 days of receiving the resolution.
