5 Megaworld properties attached for ‘fraud’

Five income-generating properties of Megaworld Corp., the country's largest office landlord led by tycoon Andrew L. Tan, were temporarily frozen by the Branch 105, Quezon City Regional Trial Court, through a Writ of Preliminary Attachment or WPA, due to alleged failure to pay close to P1 billion worth of obligations to construction company Datem, Inc.

In an order dated 14 November 2023, Presiding Judge Rochelle Yvette D. Galano affirmed that Megaworld must pay P873,324,248.89 to Datem under a mutual agreement in September 2022.

The projects covered by the decision were Uptown Parksuites Towers 1 and 2, Eastwood Global Plaza corporate tower and luxury residences, One Le Grand Tower, 18 Avenue De Triomphe and Clark Green Frontier.

Galano stated in the order that Datem had provided sufficient evidence to support its allegation of fraud against Megaworld, which justified the issuance of the WPA.

This is a developing story.