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Sociedad Europea De Financiacion, Et Al. Vs. Court Of Appeals, Et Al.

SOCIEDAD EUROPEA DE FINANCIACION, S.A., JULIO MU?OZ, JAIME AMAT, in their own behalf as stockholders and in behalf of CAPITAL INSURANCE & SURETY CO., INC., petitioners, vs. COURT OF APPEALS, JOAQUIN G. GARRIDO, J. AMADO ARANETA and PROGRESSIVE COMMERCIAL BANK, respondents. N.J. Quisumbing & Associates for petitioners. Linsag, Busran, Arcilla & Associates Law Offices for J. Garrido. Ocampo, Dizon & Domingo for private respondent Progressive Commercial Bank.

G.R. No. 75787 | 1991-01-21

D E C I S I O N


NARVASA, J.:

The material facts upon which the present appeal turns are set forth in the decision of the Court of Appeals (formerly Intermediate Appellate Court) dated July 30, 1986 in AC-G.R. CV No. 03744. 1

Sometime in 1949, Julio Ramonet Muñoz, in representation of a New York business firm, Carum Trading, Inc., gave Antonio v. Rocha US $400,000.00 to open an insurance company in the Philippines. With the money, Rocha organized the Capital Insurance & Surety Co., Inc. Under Rocha's direction, the company prospered. A sister corporation was subsequently also set up by Rocha, the Capital Life Assurance...