Documente Academic
Documente Profesional
Documente Cultură
FACTS:
Poliand Industrial Limited is an assignee of the of the rights of Asian Hardwood Limited
over the outstanding obligation of National Development Corporation (GOCC investing
arm of the PH government), the latter having bought the whole shareholdings of
Galleon Shipping Co. pursuant to the issuance of LOI 1155 by President Marcos, wherein
GALLEON previously secured credit accommodations from Asian Hardwood to augment
its depleted working capital.
GALLEON also obtained loans from Japanese lenders to finance acquisition of vessels,
which was guaranteed by Development Bank of the PH, in consideration of 5 GALLEON
vessels as mortgage.
A collection suit was filed after repeated demands of POLIAND for the satisfaction of the
obligation from GALLEON, NDC and DBP went unheeded.
ISSUE: W/N the LOI issued by Marcos have force and effect of law. NO
HELD: