Court lifts freeze order on Megaworld assets after posting P873 million bond DATEM case

The Quezon City Regional Trial Court has lifted the Writ of Preliminary Attachment (WPA) on the assets of Megaworld Corp. of ultra bilyonaryo Andrew Tan.

Judge Rochelle Yvette D. Gallano discharged the WPA after Megaworld posted a counterbond worth P873.324 million on November 24.

This counterbond aims to cover the alleged unpaid billings sought by DATEM from Megaworld.

In response, Megaworld intends to file a countersuit against DATEM, accusing them of failing to fulfill their building commitments and forcing the developer to incur higher costs by engaging other contractors to complete the job.

Megaworld also scoffed at DATEM’s court freeze order as as “ridiculous and absurd” considering that the contested amount accounted for just 0.2 percent of the property developer’s total assets.

“Megaworld never committed fraud in its dealings with DATEM. Perhaps, what is considered fraudulent is demanding for payments for projects they failed to deliver excellently and on time,” it said.

Bilyonaryo