The court has denied the motion for reconsideration filed by The Philodrill Corp. on the dismissal of the case for attempted estafa it filed against against its former president Francisco A. Navarro.
On Tuesday, April 10, the company told the stock exchange that it had received the resolution penned by Senior State Prosecutor Arnold L. Magpantay, Office of the City Prosecutor, Mandaluyong City, denying the motion for reconsideration for lack of merit.
The development followed the prosecutor’s recommendation earlier this year for the dismissal of the case for lack of probable cause. Mr. Magpantay penned the previous resolution, which Philodrill received on Jan. 5, 2018.
Philodrill and Reynaldo E. Nazarea, its treasurer, vice-president for administration and director, filed the complaint against Mr. Navarro on Sept. 15, 2017 for violation of the Revised Penal Code, Article 315 (1)(a), for attempted estafa.
The complainants said they had filed the case when Mr. Navarro demanded payment of his supposed “special retirement package,” coupled with a threat that cases will be filed against the company if his demands were not complied with. — Victor V. Saulon