Former First Lady Imelda Marcos. Image from The National Library of the Philippines

MANILA - The Sandiganbayan has  ordered the release of sequestered assets to the late brother of Imelda Marcos, Benjamin "Kokoy" Romualdez, which might still be in their custody, a document showed.

In a resolution, the Sandiganbayan Sixth Division said this stemmed from a motion filed by Trans Middle East (Phils.) Equities, Inc. that asked the Sandiganbayan, Presidential Commission on Good Government (PCGG), and other parties to release the assets that might still be in their custody.

This includes sequestered shares of stock, accrued dividends and interests in BDO Unibank, based on the order issued by the same court in March 2025.

It also cited a resolution on Jan. 2, 2003 where its Fifth Division declared Sequestration Order No. 86 0056 dated April 15, 1986 null and void.

"However, it did not order the return of the shares to [Trans Middle East (Phils) Equities Inc]. Instead, the Fifth Division ordered that the said shares including the interests earned thereon, be deposited with the Land Bank of the Philippines escrow," a portion of the document read.

But the Trans Middle East (Phils) Equities later on filed a motion for partial reconsideration asking the plaintiff to turn over to their custody the shares "as the rightful owner of the same" which the Fifth Division denied.

"The Fifth Division ruled that the lifting of the sequestration over the subject shares of stock registered in TMEPEI's name does not mean that TMEPEI may exercise unrestricted rights of ownership thereon," it read.

"The Court has yet to determine the issue of whether the said shares constitute il-gotten wealth of the Marcoses or their cronies. Pending the determination of the issue, the shares should remain in custodia legis for the protection of the party who will eventually be declared the real owners thereof," it added.

The Trans Middle East (Phils) Equities, Inc. elevated the matter to the Supreme Court through a petition for certiorari, where the High Court ruled in their favor, based on a decision in July 2022.

The Supreme Court said the Sandiganbayan "committed grave abuse of discretion when it retained the shares of stock in custodia legis."

"Considering the nullification of the writ of sequestration and the subsequent dismissal of the complaint against TMEPEI, there was no longer basis for holding TMEPEI's shares of stock in custodia legis," the Sanidganbayan said.

The Sixth Division affirmed this ruling, saying the anti-graft court "can no longer retain legal custody over the subject previously sequestered assets pertaining to TMEPEI."

It further directed the Sandiganbayan's Executive Clerk of Court, the PCGG, and other parties involved to finally release the sequestered assets which might still be under their custody.

The Sixth Division, however, made no mention of the exact amount that should be returned to Romualdez.

The Sandiganbayan's Executive Clerk of Court, the PCGG, and BDO were also directed to submit a report within 15 days from receipt of the resolution.