The Makati Regional Trial Court ruled on 15 February 2012 not to issue an injunction on against the Philippine government on the sale of some P90-million worth of forfeited assets of the so-called Jose Velarde which later businessman William Gatchalian of Wellex Group of Companies claimed to be his. The assets consist of shares of stocks of Waterfront Philippines.
Background
After the conviction of former president Joseph Estrada for plunder, the Sandiganbayan ordered in September 2007 the forfeiture of P146 million in assets from Banco De Oro. Gatchalian filed a motion for reconsideration, which the Sandiganbayan denied in April 2009.
The following month, Gatchalian filed a complaint before the Makati court. He wanted to stop the sale of the assets arguing that these do not form part of the Jose Velarde accounts, which supposedly belong to Estrada.
Forfeited include other Jose Velarde assets such as the P215 million funds donated to the Erap Muslim Youth Foundation and the Boracay Mansion in New Manila, Quezon City.
Sources
Michael Punongbayan: "Sandiganbayan lauds court ruling on forteiture of Jose Velarde assets," The Philippine Star 16 February 2012 [Read Report]
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