The Philippines Court of Appeals has affirmed a 2017 ruling restraining Global Gaming Philippines (GGAM) from selling stocks in Bloomberry Resorts Corporation, according to local media reports.
In 2012, Bloomberry signed a five-year management service agreement with GGAM, allowing the company to own an 8.7 percent stake in the company.
The partnership agreement was canceled only a year later, with Bloomberry claiming a “material breach” of its management agreement with GGAM.
Not long after, the two companies were locked in a legal battle over GGAM’s claim to an 8.7 percent stake in the company – with GGAM eventually taking the case to Singapore for arbitration in 2014.
The Singapore Court ruled in favor of GGAM, ruling that the company had been unjustly booted out of the management of Solaire Resorts & Casino, also upholding its claim to the stake in Bloomberry.
This ruling was however subsequently dismissed by the Makati City Regional Trial Court in 2017, which upheld its decision to prohibiting GGAM from “disposing of, or facilitating, allowing, implementing, and completing the sale or transfer.”
The Court of Appeals cited the Special Alternative Dispute Resolution (ADR) Rules, which state that an appeal is only allowed when the trial court issues a final order, regardless whether it grants or dismisses a request for an interim measure of protection.
It said that the November 2017 Makati RTC order “is not the final contemplated” under these rules.
The Court of Appeals said that the November 2017 order “is merely an order in resolving the motion for clarification filed by Deutsche Bank.”