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Union Bank of the Phil. Vs. ASB Devt. Corp.

UNION BANK OF THE PHILIPPINES, Petitioner, versus ASB DEVELOPMENT CORPORATION, Respondent.

G.R. No. 172895 | 2008-07-30

D E C I S I O N


CHICO-NAZARIO, J.:

This is a Petition for Review seeking to set aside the Decision[1] dated 31 May 2005 and Resolution dated 31 May 2006 of the Court of Appeals in CA-G.R. SP No. 85780 which sustained the Resolution dated 6 July 2004 of the Securities and Exchange Commission (SEC) En Banc in SEC-EB Case No. 12-03-08 which, in turn, affirmed the Resolution dated 11 December 2003 of the SEC Hearing Panel in SEC Case No. 05-00-6609.

I

FACTS

The factual and procedural antecedents of this case are as follows:

The Indenture Contracts

On 29 May 1989, respondent ASB Development Corporation (ASBDC), a domestic corporation...