Major construction firm Datem said the recent decision of the Quezon City Regional Trial Court, or RTC, to lift a writ of preliminary attachment, or WPA, on five properties of property giant Megaworld does not invalidate previous determination of Megaworld's fraudulent activities.

The court's determination is an important part of Datem's legal case, it added.

"It is crucial to note that this development has no bearing on the core of our lawsuit against Megaworld, which seeks to secure payment for finished projects where work has been completed," it explained.

Datem pointed out that it is seeking the court's approval to secure the counterbond from Megaworld as a "safety net" and payment for the liability it owes to the construction firm

Multi-million peso bond paid

Last Friday, the Quezon City Regional Trial Court Branch 105 has approved the P900-million counterbond posted by Megaworld Corp., which effectively lifted the WPA on the property giant's assets.

In an order dated 24 November 2023, Judge Rochelle Yvette Galano affirmed that the counterbond was a "sufficient security for the payment of claims in judgment" sought by Datem.

"Defendant posted a counterbond in the sum of Eight Hundred Seventy-Three Million Three Hundred Twenty-Four Thousand Two Hundred Forty-Eight and 891 00 (P873,324,248.89) equivalent to the amount fixed in the Order of the Court dated 9 November 2023," Galano said.

"With the order approving the counterbond, this will serve as security for Datem instead of the seized properties, and the court will order the lifting of the attachment instead. Also, regardless of the value of the properties, Datem should be secured for the full amount of P873,324,248.89 in case judgment is rendered," the Datem statement read.

Ready to respond

Nonetheless, Datem reiterated that it remains ready to respond to any countersuit that Megaworld may file, adding that it is "committed to resolving this matter in accordance with the law."