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Licomcen Inc. Vs. Foundation Specialist, Inc./Foundation Specialist, Inc. Vs. Licomcen Inc.

LICOMCEN INCORPORATED, Petitioner, - versus - FOUNDATION SPECIALISTS, INC., Respondent./ FOUNDATION SPECIALISTS, INC., Petitioner, - versus - LICOMCEN INCORPORATED, Respondent

G.R. No. 167022/G.R. No. 169678 | 2011-04-04

THIRD DIVISION


D E C I S I O N


BRION, J.:

THE FACTS

The petitioner, LICOMCEN Incorporated (LICOMCEN), is a domestic corporation engaged in the business of operating shopping malls in the country.

In March 1997, the City Government of Legaspi awarded to LICOMCEN, after a public bidding, a lease contract over a lot located in the central business district of the city. Under the contract, LICOMCEN was obliged to finance the construction of a commercial complex/mall to be known as the LCC Citimall (Citimall). It was also granted the right to operate and manage Citimall for 50 years, and was, thereafter, required to turn over the ownership and...