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    Issues: 1. Is There Fraud So As To Warrant Piercing The Veil of Corporate Fiction? NO

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    RAFAEL FRANCESCO SAAR GONZALES
    The document discusses a case involving various companies and loans. Marinduque Mining-Industrial Co. obtained loans from Philippine National Bank and Development Bank of the Philippines secured by properties. The banks foreclosed and transferred the properties to other companies. Meanwhile, Marinduque Mining did not pay Remington Industries for construction materials. Remington sued seeking to consider all companies as one entity, alleging fraud.

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    Issues: 1. Is There Fraud So As To Warrant Piercing The Veil of Corporate Fiction? NO

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    RAFAEL FRANCESCO SAAR GONZALES
    21 views1 page
    The document discusses a case involving various companies and loans. Marinduque Mining-Industrial Co. obtained loans from Philippine National Bank and Development Bank of the Philippines secured by properties. The banks foreclosed and transferred the properties to other companies. Meanwhile, Marinduque Mining did not pay Remington Industries for construction materials. Remington sued seeking to consider all companies as one entity, alleging fraud.

    Original Title

    DBP v - Copy

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    The document discusses a case involving various companies and loans. Marinduque Mining-Industrial Co. obtained loans from Philippine National Bank and Development Bank of the Philippines secured by properties. The banks foreclosed and transferred the properties to other companies. Meanwhile, Marinduque Mining did not pay Remington Industries for construction materials. Remington sued seeking to consider all companies as one entity, alleging fraud.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    21 views1 page

    Issues: 1. Is There Fraud So As To Warrant Piercing The Veil of Corporate Fiction? NO

    Uploaded by

    RAFAEL FRANCESCO SAAR GONZALES
    The document discusses a case involving various companies and loans. Marinduque Mining-Industrial Co. obtained loans from Philippine National Bank and Development Bank of the Philippines secured by properties. The banks foreclosed and transferred the properties to other companies. Meanwhile, Marinduque Mining did not pay Remington Industries for construction materials. Remington sued seeking to consider all companies as one entity, alleging fraud.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    DBP v.

    CA and Remington Industries

    GR 126200

    Topic: Interlocking Directors

    Explanation:

    Facts:

    Marinduque Mining-Industrial Co. (MMIC) obtained various loans from Philippine National Bank
    (PNB) and DBPsecured by Real Estate Mortgages (REM) and Chattel Mortgages (CM) over
    all their properties in Surigao del Norte,Negros Occidental and Rizal as well as any assets it may
    subsequently acquire.PNB and DBP instituted extrajudicial foreclosure against MMIC for failure
    to settle it obligations where PNB andDBP emerged and was declared the highest bidder.To
    ensure the continued operation of the refinery, PNB and DBP transferred and assigned all their
    right andinterest to Nonoc Mining and Industrial Co. (NMIC) and Miralcum Mining Co.
    (MMC).PNB and DBP later transferred those given to NMIC and MMC to the Government thru
    the Asset Privatization Trust(APT) pursuant to a proclamation.Meanwhile, MMIC purchased and
    caused the delivery of construction materials from RISC. This remained unpaid,however, which
    prompted Remington to file a complaint for sum of money against MMIC. RISC later filed
    multiple amendments to implead PNB, DBP, NMIC, MMC, Island Cement Co. (ICC), and APT
    asserting that they must all be considered as one entity by piercing the veil of corporate fiction,
    alleging:

    1. That NMIC, MMC, ICC are wholly owned and managed by the officers of PNB and DBP;
    2. that the transfer of propertieswas made in fraud of creditors; that the use of the same
    premises and hiring of the same employees and officersare badged of bad faith.

    Issues:

    1. Is there fraud so as to warrant piercing the veil of corporate fiction? NO

    2. Can the claim of RISC be enforced? No.

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