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Gateway Electronics Corporation, et al. Vs. Asianbank Corporation

GATEWAY ELECTRONICS CORPORATION and GERONIMO B. DELOS REYES, JR., Petitioners, versus ASIANBANK CORPORATION, Respondent.

G.R. No. 172041 | 2008-12-18

D E C I S I O N


VELASCO, JR., J.:

This petition for review under Rule 45 seeks to nullify and set aside the Decision[1] dated October 28, 2005 of the Court of Appeals (CA) in CA-G.R. CV No. 80734 and its Resolution[2] of March 17, 2006 denying petitioners' motion for reconsideration.

The Facts

Petitioner Gateway Electronics Corporation (Gateway) is a domestic corporation that used to be engaged in the semi-conductor business. During the period material, petitioner Geronimo B. delos Reyes, Jr. was its president and one Andrew delos Reyes its executive vice-president.

On July 23, 1996, Geronimo and Andrew executed separate but almost...