MSOpinion Manila land deal questioned anew “Let’s see how this case unravels”
A local company, Nesco International Development Corp., has asked the Philippine Stock Exchange to suspend the trading of shares of publicly-listed Megaworld Corporation over the property developer’s alleged questionable land deal for its Lucky Chinatown Mall project built on a military reservation formerly known as Cuartel Meisic in Binondo, Manila.
In support of its request to the PSE, Nesco attached the comment dated December 12, 2022 of the Office of the Solicitor General filed with the Supreme Court in G.R. 257855 where the OSG stated “the fact that Megaworld secured TCT Nos. 283867 and 283868 in its favor did not vest ownership upon it, as the titles cover properties within a military reservation being merely lent to City of Manila for educational purposes.
According to Nesco, the PSE’s “continued inaction may unwittingly be perceived as further condoning, tolerating or enabling Megaworld Corporation” to take over the government-owned “military reservation known as Cuartel Meisic and other prime real properties additionally covered by U.S. General Order 8977 [1904]”.
“ On 28 February 2018, the LRA Task Force Titulong Malinis issued an LRA Report categorically stating there appears to be a strong reason to question the authenticity of the subject Original Certificate of Title registered in the name of Title Nos. 7245, 7182 and 7203, purportedly all registered in the name of the City of Manila, OCT Nos. 7245, 7276, 7182 and 7201 are supposedly the mother title of TCT Nos. 273079, 273080 and 273082, which cover the subject properties.
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