SC upholds Razon-owned firm’s takeover of Panay power company’s assets
The Supreme Court (SC) has upheld the take over made by billionare Enrique Razon Jr.’s More Electric Power Corporation on the power distribution assets of rival Panay Electric Company (PECO).
“The Supreme Court yesterday ruled in favor of More Elelectric and Power Corporation,” said SC Spokesperson Brian Hosaka on Wednesday (Sept. 16).
Hosaka said the high tribunal acted on the petitions filed by More concerning the take over of the PECO assets .
More, which was granted a franchise in 2019, filed the petitions before the SC in connection with the Mandaluyong Regional Trial Court ruling which ordered the stop of the expropriation of the PECO assets.
“In granting the petitions, the Supreme Court reversed the Judgment of the Regional Trial Court of Mandaluyong City Branch 209 in Civil Case No. R-MND-19-00571, and declared Section 10 and 17 of RA No. 11212 constitutional,” Hosaka said.
“The vote was 8-6,” he noted.