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Daphne Galvez - The Philippine Star
May 20, 2025 | 12:00am
Romualdez was the brother of former first lady Imelda Marcos and the father of Speaker Martin Romualdez.
Philstar.com / Irra Lising
MANILA, Philippines — The Sandiganbayan has ordered the release of millions of pesos in assets and earnings of the family of the late ambassador Benjamin Romualdez, which was held in escrow from a firm sequestered by the government.
Romualdez was the brother of former first lady Imelda Marcos and the father of Speaker Martin Romualdez.
In a 12-page resolution, the anti-graft court’s Sixth Division ordered the release of the assets of the Trans Middle East (Phils.) Equities, Inc. (TMEE), which the Presidential Commission on Good Government (PCGG) had sequestered in 1986 as part of efforts to recover the ill-gotten wealth of the late president Ferdinand Marcos Sr., his family and their cronies.
The Sandiganbayan cited the decision of the Supreme Court (SC) in 2022 that ordered the release of the assets from legal custody, because the sequestration had been nullified and the complaint against TMEE has been dismissed.
“In view of the SC’s Decision dated July 6, 2022 in Trans Middle East (Phils) Equities Inc. v. Sandiganbayan (Fifth Division), the Sandiganbayan can no longer retain legal custody over the subject previously sequestered assets,” its May 16 resolution read.
With this, the anti-graft court, as directed by the SC, ordered its Executive Clerk of Court, the PCGG and all other concerned entities to release the assets which may still be in their custody.
Last March, the Sandiganbayan ordered an accounting of the TMEE assets after the firm filed a motion seeking the release of its assets.
According to the PCGG’s Finance and Administration, an escrow account was created on Oct. 31, 1991 under the name “PCGG-ITF-Trans Middle East Phils” with the Bureau of Treasury.
As of Dec. 31, 2024, it has P48.881 million, inclusive of accrued interest.
Meanwhile, BDO informed the court that it released to TMEE a stock certificate for more than 33 million BDO shares in 2012 and that there are no more TMEE shares under its custody.
The ruling was penned by Associate Justice Sarah Jane Fernandez and concurred with by Associate Justices Kevin Narce Vivero and Lord Villanueva.
