Tycoon Lucio Tan’s ill-gotten wealth case gets dismissed by Sandiganbayan after 25 years of litigation

ABS-CBNNews.com reports: "After nearly 25 years of litigation, the Sandiganbayan has dismissed the ill-gotten wealth complaint filed by the government against business tycoon Lucio Tan."

ABS-CBNNews.com reports: "After nearly 25 years of litigation, the Sandiganbayan has dismissed the ill-gotten wealth complaint filed by the government against business tycoon Lucio Tan." The report quoted Tan’s lawyer, Atty. Estelito Mendoza, who said, "It is Dr. Tan’s hope that with this decision of the Sandiganbayan, the PCGG [Presidential Commission on Good Government] will relent in its effort to lay claim to his assets and in restricting the exercise of full rights over those properties."

 

The report revealed that the decision on Tan’s case was "issued last June 11 on Civil Case No. 0005." The report explained: "The fifth division of the anti-graft court said the PCGG does not have evidence to forfeit the tycoon's assets."

 

The report noted that the government "started sequestering Tan’s shares of stock in major corporations in 1986." However, as the report points out, "the anti-graft court nullified the writs of sequestration separately in 1993 and 2006, saying there was no prima facie evidence to consider them as ill-gotten." The report also clarified that "the nullification of the sequestration was affirmed subsequently by the Supreme Court."

 

For more on this story, log on to ABS-CBNNews.com.

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