The Sandiganbayan has acquitted two former officials of the Trade and Investment Development Corporation of the Philippines (TIDCORP) and two private individuals of graft charges linked to over P4 billion in government losses. The charges stemmed from a sovereign guarantee issued to World Grannary Incorporated (WGI) in 2003.
In a 110-page decision promulgated on December 10, the anti-graft court ruled that the prosecution failed to prove the guilt of TIDCORP executives Rolando Alonzo and Teresita Cometa, as well as WGI’s Renato Ang and Alison Sy, beyond reasonable doubt.
The case centered on allegations that Alonzo and Cometa approved a P1.08 billion sovereign guarantee for WGI, despite the firm’s failure to meet qualifications. Prosecutors claimed that WGI defaulted on its loan obligations, forcing TIDCORP to cover the debt, resulting in significant losses. However, the court clarified that the TIDCORP Board of Directors, not the accused, held the authority to approve the guarantee.
The Sandiganbayan noted that WGI’s application underwent rigorous evaluation by the Credit Committee and Legal Department before reaching the Board. Witnesses, including TIDCORP officials and former National Economic Development Authority chief Romulo Neri, affirmed the integrity of the process.
The court also cited WGI’s financial troubles stemming from a mechanical failure in a brand-new ship unloader in 2006, which disrupted operations and cash flow. Additionally, TIDCORP’s interests were secured through mortgaged assets and other collateral valued at P3.2 billion.
The decision ordered the lifting of hold departure orders against the accused and the release of their bail bonds. The court concluded that there was no evidence of conspiracy or negligence in granting the sovereign guarantee, leading to the acquittal of all parties.
