SC blocks Globe Asiatique damage claim with Pag-Ibig

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Thursday, December 12, 2013

CONTROVERSIAL housing developer Globe Asiatique Realty Holdings Corp. (GA) cannot yet claim P6.5 million in damages from the Home Development Mutual Fund (HDMF or Pag-Ibig Fund).

This developed after the Supreme Court First Division issued a temporary restraining order (TRO) on Wednesday on twin rulings last year issued by the Makati Regional Trial Court branch 58, which favored GA's claim.

Records show Judge Eugene Paras called out Pag-Ibig for breaching its memorandum of agreement and funding commitment agreements with GA when it refused to accept replacement buyers. Pag-Ibig brought the case to the Court of Appeals but lost, prompting it to seek redress with the SC.

"If the motion for execution is granted, HDMF would be required to continue transacting with Globe Asiatique which is already suspected of having swindled the government of billions of pesos. For these reasons, the TRO is proper," the SC said.

Pag-Ibig has been running after GA owner Delfin Lee and four others for syndicated estafa after an investigation showed that he had used fake documents and ghost borrowers to secure P6.65 billion in loans from the agency.

The fake borrowers allegedly bought homes in GA's Xevera housing project in Mabalacat, Pampanga.

Lee, however, was dropped from the list of respondents by the CA Special 15th Division last month due to lack of proof that the crime was committed by five or more persons.

Another CA division also absolved Pag-Ibig Fund foreclosure manager Alex Alvarez of the crime, saying he should never be at fault for notarizing the loan documents submitted by fake buyers of GA units.

Only Lee's son Dexter, GA accounting department head Cristina Salagan and ex-GA documentation chief Cristina Sagun are the remaining accused in the case pending before the Pampanga Regional Trial Court branch 42. (Sunnex)

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