Sandiganbayan Orders Return of ₱3.5B in Bank Shares to Late Benjamin Romualdez

The Sandiganbayan has ordered the release of over ₱3.5 billion worth of bank shares—formerly from Philippine International Commercial Bank (PCIBank), now Banco de Oro (BDO)—to the estate of the late Benjamin Romualdez, brother of former First Lady Imelda Marcos.

The May 16 ruling resolves Civil Case 0035, filed over three decades ago, which accused Romualdez of illegally acquiring over 6.2 million PCIBank shares through his political connections. The case alleged the use of dummy buyers via his company, Trans Middle East Phils. Equities Inc. (TMEPEI).

In 2022, the Supreme Court ruled that Sandiganbayan’s earlier decision to sequester the shares was invalid, but directed that the assets be held in escrow until rightful ownership was determined. That ruling became final in October 2023.

Following this, the Sandiganbayan declared it no longer has legal authority over the assets and directed their release to TMEPEI. It also ordered the PCGG, BDO, and its Executive Clerk of Court to submit compliance reports within 15 days.

The ruling was penned by Associate Justice Sarah Jane Fernandez, with Justices Kevin Vivero and Lord Villanueva concurring. Romualdez passed away in 2012.