The Sandiganbayan has ordered the release of more than ₱3.5 billion worth of bank shares—originally from Philippine International Commercial Bank (PCIBank), now part of Banco de Oro (BDO)—to the estate of the late Benjamin Romualdez, brother of former First Lady Imelda Marcos.
The ruling, dated May 16, is linked to Civil Case 0035, which was filed over 30 years ago. It accused Romualdez of unlawfully acquiring over 6.2 million PCIBank shares through influence from his sister and then-President Ferdinand Marcos Sr., using shell entities like Trans Middle East Phils. Equities Inc. (TMEPEI).
The Supreme Court had already declared in July 2022 that the Sandiganbayan erred in a 2003 decision by both voiding the 1986 sequestration order and holding the shares in escrow. That high court ruling became final in October 2023.
Following this, the Sandiganbayan ruled it could no longer legally retain the assets. It directed its Executive Clerk of Court, the Presidential Commission on Good Government (PCGG), and BDO to return the shares to TMEPEI and submit compliance reports within 15 days.
The ruling was written by Associate Justice Sarah Jane Fernandez and concurred by Justices Kevin Vivero and Lord Villanueva. Romualdez passed away in 2012 due to cancer.