A legal dispute remains pending between gaming firm DigiPlus Interactive Corp. and its business partner, former Ako Bicol Rep. Zaldy Co, over the valuation of Midas Hotel and Casino, the law firm Villaraza and Angcangco confirmed.
Villaraza and Angcangco, the law firm representing DigiPlus, issued a statement confirming that DigiPlus won an arbitration case concerning the hotel’s valuation.
Co’s firm, Eco Leisure and Hospitality Holdings Co., is appealing the decision before a Pasig Regional Trial Court (RTC).
“We confirm that there was an arbitration case and DigiPlus won the case,” the law firm said.
“The other party filed an appeal before a Regional Trial Court in Pasig, and the case remains unresolved,” it said.
DigiPlus, in its amended annual report filed in April, identified the case as Civil Case R-PSG-22-02495-SP at the Pasig City RTC, Branch 268.
The confirmation follows social media speculation that the Anti-Money Laundering Council’s (AMLC) freeze orders on Co’s bank accounts could potentially benefit publicly listed DigiPlus.
DigiPlus was identified as Co’s estranged partner in the Midas Hotel and Casino project, which soured years ago.
The issue gained attention after authorities raided Midas Hotel in search of executives of the Co-linked firm Sunwest Corp.
