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RE: REPORT ON FINANCIAL AUDIT ON BOOKS OF ACCOUNTS OF MS. ADELINA R. GARROVILLAS

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GR No. 178158
2009-12-04
STRATEGIC ALLIANCE DEVELOPMENT CORPORATION v. RADSTOCK SECURITIES LIMITED
CARPIO, J.
Radstock is only one of the creditors of PNCC. Asiavest is PNCC's judgment creditor. In its Board Resolution No. BD-092-2000, PNCC admitted not only its debt to Marubeni but also its debt to the National Government[84] in the amount of P36 billion.[85] During the Senate hearings, PNCC admitted that it owed the Government P36 billion, thus:SEN. OSMEÑA. All right. Now, second question is, the management of PNCC also recognize the obligation to the national government of 36 billion. It is part of the board resolution.