Law firm confirms DigiPlus-Co dispute
‘We confirm that there was an arbitration case and DigiPlus won the case.’
PHOTO courtesy of digiplus
Daily Tribune‘We confirm that there was an arbitration case and DigiPlus won the case.’
PHOTO courtesy of digiplus
The arbitration dispute between DigiPlus Interactive Corp. and its former business partner, ex–Ako Bicol Representative Zaldy Co, remains pending before the courts despite a ruling in DigiPlus’ favor, law firm Villaraza and Angcangco confirmed.
In a statement over the weekend, the firm said the case concerns the valuation of Midas Hotel and Casino.
“We confirm that there was an arbitration case and DigiPlus won the case. The other party filed an appeal before a Regional Trial Court in Pasig, and the case remains unresolved,” Villaraza and Angcangco said.
The confirmation followed a DAILY TRIBUNE report this weekend on the pending Pasig court case, amid renewed online attention to Co’s business dealings after the Anti-Money Laundering Council ordered a freeze on his bank accounts.
Co’s company, Eco Leisure and Hospitality Holdings Co., questioned the arbitral award before the Pasig Regional Trial Court.
Midas Hotel incident
DigiPlus disclosed in an amended annual report that the case is recorded as Civil Case R-PSG-22-02495-SP at Branch 268.
In a commentary, lawyer Jesus Falcis revisited the dispute, citing unnamed sources and noting it resurfaced after authorities raided Midas Hotel in search of Sunwest Corp. executives.
“DigiPlus wanted out of Midas Hotel,” Falcis wrote, alleging the company sought to divest due to partnership issues. He said DigiPlus found a buyer, but Eco Leisure invoked its right of first refusal with a P2.5-billion offer, later insisting on paying only P1 billion while claiming DigiPlus owed it billions in reimbursements.