cdn mobile

Case seeking freeze of SRP sale elevated

By: Ador Vincent S. Mayol January 07,2016 - 04:28 AM

A bid to invalidate Cebu City’s  sale  of two lots of the South Road Properties (SRP) was filed with the Court of Appeals.

After the Regional Trial Court dismissed the petition of former prosecutor Romulo Torres, he elevated it to the CA Cebu Station in order to stop the Cebu City Council from from using the SRP sales proceeds.

In the earlier dismissal, RTC Judge Alexander Acosta in Cebu City  said the sale was valid and that the council could spend the P8.3 billion down payment  received from three private developers of the SRP — SM Prime Holdings Inc., Ayala Land Inc., and Filinvest Land Inc.

Torres filed the suit in his capacity as a “citizen and taxpayer”  but the legal action is widely identified as a blow by the camp of former mayor Tomas Osmeña, who is seeking reelection.

Torres questioned  the mode of disposing the  lots by public bidding. He said City Council Ordinance No. 2332 which protects the SRP from “unlawful and unauthorized transactions and dealings” excludes the sale or disposal of SRP property by public auction and favors unsolicited proposals.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

TAGS: Ayala Land Inc, CA, Cebu City, Filinvest Land Inc., Regional Trial Court, SM Prime Holdings, SRP

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.