Land Bank execs walk on P4.2B graft case

THE Sandiganbayan has dismissed a graft case against two former top executives of the Land Bank of the Philippines involving the alleged anomalous sale of 46,596,596 shares of stock in Meralco in 2008.

Cleared of any liability were former Landbank president and chief executive officer Gilda Pico and former LBP vice president for Local Currency Department Carel Halog.

In its 18-page resolution dated June 14, 2024, the anti-graft court’s Third Division invoked the April 26, 2023 rulings of the Supreme Court on separate petitions filed by LBP officials setting aside the Ombudsman’s finding of probable cause and ordering the original complaint dismissed.

“Given the nullification of the same complaint with finality, the Information subject of the present case has completely lost its efficacy,” the Sandiganbayan Third Division said.

Presiding Justice Amparo M. Cabotaje-Tang penned the resolution, with concurrences from Associate Justices Bernelito R. Fernandez and Ronald B. Moreno.

The case, filed in 2018, also named as co-defendants former LBP Board director Margarito Teves, former LBP First VP for Treasury Group Roberto Sandoval and LBP Board directors Marianito Roque, Patricia Rualo-Bello, Eduardo Nolasco, Albert Balingit, George Regalado, and Cyril del Callar.

They were accused of conspiracy in relation to the Share Purchase Agreement (SPA) entered into with Global 5000 Investment Inc. on December 2, 2008 relative to the alleged anomalous planned sale of Land Bank.

According to the Ombudsman, the deal was manifestly and grossly disadvantageous to the government because of the agreed terms and conditions allowing Global 5000 Investment Inc. to tender only a 20 percent down payment while collecting “any and all dividends” on the subject shares; exercise full voting rights; and pay only P553.847 million in fixed-term interest over three years.