Manila land deal questioned anew

A LOCAL company, Nesco International Development Corp., has asked the Philippine Stock Exchange to suspend the trading of shares of publicly-listed Megaworld Corporation over the property developer’s alleged questionable land deal for its Lucky Chinatown Mall project built on a military reservation formerly known as Cuartel Meisic in Binondo, Manila.

In a letter dated March 15, 2023, Nesco asked the PSE to “suspend the trading of shares of Megaworld Corporation and its subsidiary Empire East Land Holdings Inc. and other related affiliates and interests.”

Nesco warned the PSE may “be unduly dragged as an enabler and complicit to its (Megaworld’s) web of graft, corruption, plunder and possible racketeering, both locally and internationally, where it peddles its laundered real properties and shares.”

In support of its request to the PSE, Nesco attached the comment dated December 12, 2022 of the Office of the Solicitor General filed with the Supreme Court in G.R. 257855 where the OSG stated “the fact that Megaworld secured TCT Nos. 283867 and 283868 in its favor did not vest ownership upon it, as the titles cover properties within a military reservation being merely lent to City of Manila for educational purposes.”

“Registration does not vest title; it merely constitutes evidence of such title, assuming there is a valid title to begin with. Our land registration laws do not give the holder any better title than what he actually has, the joint venture and subsequent sale of properties between City of Manila and Megaworld being void, these produce no legal effects whatsoever,” it said.

The OSG further stated that “simply put, a military reservation such as Cuartel Meisic is beyond the commerce of man, and therefore cannot be alienated in favor of a private entity.”

Nesco said “possible class suits against Megaworld and its cohorts, here and abroad, cannot be ignored” as it implored the PSE “to act now, and do what is right and appropriate to protect the interest of the government and the Filipino people and the world at large”.

According to Nesco, the PSE’s “continued inaction may unwittingly be perceived as further condoning, tolerating or enabling Megaworld Corporation” to take over the government-owned “military reservation known as Cuartel Meisic and other prime real properties additionally covered by U.S. General Order 8977 [1904]”.

In its letter to the PSE dated March 16, 2023, the Madrid, Danao & Associates sent a “Reiterative Request to Suspend the Trading of Shares and its related subsidiaries Empire East Land Holdings, Inc. and other related interests, founded on the OSG’s findings of ‘fraud’, ‘plunder’ and ‘landgrabbing’ by Megaworld’s GRP-owned MILITARY RESERVATION Cuartel Meisic at Binondo, Manila via fake and dubious TCTs.”

The letter reads in part: “We write for our client, NESCO International Development Corporation…In the attached Comment dated 12 December 2022 of the Solicitor General’s Office in Supreme Court G.R. 257855 entitled Hansel M. Marantan vs. City of Manila, et. al, the OSG concluded clearly and in no uncertain terms that:

“( 9) On 28 February 2018, the LRA Task Force Titulong Malinis ( TFTM) issued an LRA Report categorically stating there appears to be a strong reason to question the authenticity of the subject Original Certificate of Title registered in the name of Title Nos. 7245, 7182 and 7203, purportedly all registered in the name of the City of Manila, OCT Nos. 7245, 7276, 7182 and 7201 are supposedly the mother title of TCT Nos. 273079, 273080 and 273082, which cover the subject properties.”

In a letter dated 15 March 2023 addressed to Manila Mayor Maria Sheilah H. Lacuna coursed through Atty. Veronica N. Lladoc, City Legal Officer, and Atty. Maria Perlita P. Cabrera, Deputy City Legal Officer, entitled: “Follow-up to our Letter of 23 November 2022 for the Recall and/or Cancellation of Business Permit/s of Megaworld’s ‘Lucky Chinatown Mall’ and ‘City Place at Manila’ and all its lessees and business locators,” the law office said:

“Dear Mayor Lacuna: Further to our letter of 23 November 2022 ( copy your Office received on 25 November 2022) we recently received a Comment from the Office of the Solicitor General on Supreme Court G. R. 257855 entitled “Hansel M. Marantan vs City of Manila, et. al.” holding and declaring that:

“9) On 28 February 2018, the LRA Task Force Titulong Malinis issued an LRA Report categorically stating there appears to be a strong reason to question the authenticity of the subject Original Certificate of Title Nos. 7245, 7276, 7182 and 7201, purportedly issued in the name of the City of Manila, OCT Nos. 7245, 7276, 7182 and 7201 are supposedly the mother titles of TCT Nos. 273079, 273080 and 273082, which cover the subject properties.”

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Let’s see how this case unravels. (Email: ernhil@yahoo.com)

Let’s see how this case unravels