Construction firm DATEM Inc. welcomed Megaworld Corp.’s move to post nearly P900 million in counterbond to cover the alleged unpaid obligation being claimed by the contractor.
The Quezon City Regional Trial Court Branch 105 on Friday lifted the writ of preliminary attachment (WPA) earlier secured by DATEM against Megaworld after the property firm posted a P873.3-million counterbond.
“Finding the counterbond to be sufficient security for the payment of claims in judgement sought by the plaintiff, the writ of preliminary attachment issued on Nov. 15, 2023 is hereby immediately discharges,” Judge Rochelle Yvette Galano of Branch 105 said in an order dated Nov. 24, 2023.
DATEM said in a statement over the weekend the lifting of the WPA would not diminish its case and that it would have “no bearing” on the case it filed against Megaworld.
“It is crucial to note that this development has no bearing on the core of our lawsuit against Megaworld, which seeks to secure payment for finished projects where work has been completed,” it said.
The construction firm said the counterbond would act as a safety net for the company in case the court decides in its favor.
“With the order approving the counterbond, this will serve as security for DATEM, instead of the seized properties and the court will order the lifting of the attachment instead. Also, regardless of the value of the properties, DATEM should be secured to the full amount of P873,324248.89 in case judgement is rendered,” DATEM said.
Megaworld earlier said it had not evaded any substantial claims from DATEM despite the latter’s alleged “gross negligence” and “repeated failure” to fulfill its obligations with the property firm.
It also noted that DATEM’s demand for a huge amount of claims and adjustments was unreasonable considering “its poor performance” as a project contractor.
It said DATEM’s move to have its assets frozen was “ridiculous and absurd” as the amount they were claiming represented only 0.2 percent of Megaworld’s total assets.