Lopez Holdings

 

Timeline Meralco Securities Corporation or MSC, now First Philippine Holdings Corporation (FPHC), acquired substantial shares in PCIBank, now Equitable PCIBank.


November 27, 1972 Geny Lopez was arrested by the military on trumped up charges of conspiring to assassinate Marcos. By this time, MSC controlled 30% of PCIBank.

November 29, 1973 Don Eugenio signed a sale agreement under grave duress, allowing Marcos-controlled Meralco Foundation to take over MSC, which owned Meralco and the PCIBank stake. Geny was never released from prison despite the divestment of Lopez corporations to Marcos and his cronies.

1984 Marcos-Romualdez group, through certain machinations, transferred MSC's holdings in PCIBank to Romualdez family-controlled Trans Middle East (Phils.) Equities, Inc. or TMEE.

April 15, 1986 Post-EDSA 1: PCIBank shares held by TMEE were sequestered by the Presidential Commission on Good Government on the allegation that they were part of the ill-gotten wealth of Benjamin "Kokoy" Romualdez.

April 15, 1986 Oscar M. Lopez was appointed by President Aquino as president and CEO of FPHC, a virtually bankrupt company with P1.2 billion in debt. He succeeded in turning the FPHC around within the next 10 years.

December 28, 1988 FPHC filed a claim (Complaint-in Intervention) for the PCIBank shares held by TMEE, asserting that ownership was wrested from it thorugh the use and abuse of power, force, pressure, threats and intimidation during the Marcos regime.

February 1, 1996 The Supreme Court upheld the right of FPHC to intervene in the sequestration proceedings on the PCIBank shares held by TMEE since there was no final determination of true ownership.

January 10, 2003 The Sandiganbayan lifted sequestration on Equitable PCIBank shares but required that the shares be held in escrow until true ownership was determined.

October 2005 Newspaper items reported that Martin Romualdez withdrew P138 million representing cash dividends and profit sharing from the Equitable PCIBank shares.

June 14, 2006 The Sandiganbayan directed the PCGG and TMEE to prepare an Escrow Agreement.

June 21, 2006 FPHC filed an urgent motion to require Equitable PCIBank to explain the reported release of dividends on the shares of stock held in escrow, and to order TMEE, et.al. to return any dividends released or withdrawn from escrow.  

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CONTACT US

Lopez Holdings Corporation 
16/F North Tower, Rockwell Business Center Sheridan, Sheridan St. corner United St., 1550 Bgy. Highway Hills, Mandaluyong City, Philippines

  • Trunkline: (632) 8878 0000
  • Fax: (632) 8878 0000 ext 2009
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