Benguet Corp. announced that its principal stockholders—Palm Avenue Holding Co. Inc. and Palm Avenue Realty and Development Corp.—have secured a final decision from the Supreme Court lifting the sequestration of their shares in the listed mining firm.
This development allows the Palm Companies to exercise full ownership rights for the first time in decades, including payment of stock and cash dividends.
Benguet said the Palm Companies recently provided copies of the Philippine Supreme Court’s consolidated decision dated August 6, 2014, and the corresponding entry of judgment dated February 9, 2015, which dismissed with finality the filed by the government, claiming the stocks are I’ll-gotten wealth.
The ruling lifted the writ of sequestration covering all assets of the Palm Companies, including their Benguet shares.
The company was also informed that the Supreme Court’s 1993 Temporary Restraining Order which had suspended the holding of Benguet’s Board of Directors elections—has been lifted.
This follows a January 20, 2025 resolution from the Sandiganbayan directing the Presidential Commission on Good Government (PCGG) to release the sequestered assets. The Benguet shares were formally turned over to the Palm Companies on February 12, 2025.
The Palm Companies have requested that Benguet Corporation formally recognize their stockholder rights and any dividends accrued on the shares.
While Benguet was not a party to the litigation, it will review and respond to the request based on the documents provided.
This a significant step in resolving long-standing restrictions on key shareholders’ ownership rights.
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