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Land Bank vs. Reyes

LAND BANK OF THE PHILIPPINES, PETITIONER, V. OSCAR S. REYES, IN HIS CAPACITY AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE MANILA ELECTRIC COMPANY (MERALCO), SIMEON KEN R. FERRER, IN HIS CAPACITY AS CORPORATE SECRETARY OF MERALCO, OR THEIR SUCCESSORS-IN-INTEREST, AND MANILA ELECTRIC COMPANY, RESPONDENTS.

G.R. No. 217428 | 2019-03-25

D E C I S I O N
 
J. REYES, JR., J.:
 
Petitioner Land Bank of the Philippines (petitioner) filed this petition to charge Oscar S. Reyes, Simeon Ken R. Ferrer and Manila Electric Company [MERALCO] (respondents) with indirect contempt of court for allegedly failing to comply with the Court's Decision dated December 14, 2011 issued in G.R. No. 188376 entitled Land Bank of the Philippines v. Federico Suntay, as represented by his Assignee, Josefina Lubrica (LBP v. Suntay).[1]
 
The Antecedents
 
Petitioner owns 42,002,750 shares of stock in respondent MERALCO acquired through the exercise of its proprietary functions as a...