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A case for the high court C.R.O.S.S.R.O.A.D.S Jonathan De la Cruz 08/04/2010

Wednesday, August 4, 2010

A case for the high court



C.R.O.S.S.R.O.A.D.S
Jonathan De la Cruz
08/04/2010
What’s happening here? Just as we are heaping all kinds of accolade to the previous administration and our chosen lawyers for winning that multimillion-dollar arbitration case against Piatco and its partner, Fraport, in the celebrated NAIA Terminal III controversy, we are back in the receiving end of international opprobium. And all because of another case, not as celebrated as the NAIA Terminal lll one, but as crucial as far as the international legal community and, of course, business circles are concerned. I am referring here to the acts of Makati RTC (Branch 66) that issued an anti-arbitration writ of injunction against Felicito Payumo, Benjamin Santos and Eduardo de los Angeles all of whom are supposed to proceed to Singapore to attend to an ongoing arbitration case as parties in a suit they filed against Banco de Oro Unibank before the International Chamber of Commerce (ICC). I am made to understand that this case stemmed over a dispute in the implementation of a “take over clause” in a corporation called Maxicare where the bank and the parties are co-owners. This dispute which the parties failed to resolve amicably has led Payumo et al. to seek arbitration as provided in their internal corporate arrangements. Unfortunately, even as the arbitration was agreed to by the parties and is actually ongoing it appears that Banco de Oro decided to enjoin the Payumo group from even proceeding with it by, take this, physically barring them from actually attending it..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20100804com5.html


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