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Pacific Basin Securities Co. Inc. Vs. Oriental Petroleum etc. et al

PACIFIC BASIN SECURITIES CO., INC., Petitioner, versus ORIENTAL PETROLEUM and MINERALS CORP. and EQUITABLE BANKING CORP., Respondents.

G.R. No. 143972 & G.R. No. 144631 | 2007-08-31

D E C I S I O N


AUSTRIA-MARTINEZ, J.:

By Resolution dated February 21, 2001,[1] the Court ordered the consolidation of the Petitions for Review on Certiorari under Rule 45 of the Rules of Court docketed as G.R. No. 143972,[2] G.R. No. 144056[3] and G.R. No. 144631.[4]

The facts of the case are undisputed:

On May 31, 1991, Pacific Basin Securities, Inc. (Pacific Basin), through the stock brokerage firm First Resources Management and Securities Corporation (FRMSC), purchased 308,300,000 Class "A" shares of Oriental Petroleum and Minerals Corporation (OPMC). Pacific Basin fully paid for the OPMC shares in the total amount of...