Latest news with #AuditedFinancialStatement
GMA Network
18-06-2025
- Business
- GMA Network
DAR, Landbank ordered to pay P28 billion to Hacienda Luisita
The Court of Appeals (CA) has ordered the Department of Agrarian Reform (DAR) and state-run Land Bank of the Philippines (LBP) to pay P28 billion as just compensation to Hacienda Luisita Inc. (HLI) following the Supreme Court's decision ordering the distribution of HLI land to farmer beneficiaries. In a 35-page decision, the CA said the Tarlac City Regional Trial Court-Special Agrarian Court (RTC-SAC) incorrectly computed the compensation for Hacienda Luisita because the amount to be paid in exchange for the property taken should be "real, substantial, full, ample, just and fair, with due consideration to the factors enumerated under Section 17 [on determination of just compensation] of the Comprehensive Agrarian Reform Law." With its ruling, the appellate court granted the petition for review filed by HLI. It also reverses and sets aside the February 15, 2023 decision and August 11, 2023 resolution of the RTC-Branch 63 of Tarlac City, which acted as the Special Agrarian Court. "Respondents are ordered to pay petitioner the total amount of P28,488,944,278.71 as just compensation as of 30 April 2025, without prejudice to the accrual of interest until fully paid," the CA said. The tribunal found that the RTC-SAC "erred," saying that in determining just compensation, "reliable and actual data should have been considered," consistent with DAR regulations, in determining the "fair and full equivalent for the loss sustained by the landowner." "There was data submitted by petitioner HLI for the computation of the Average Gross Income and that it was rejected by DAR Adjudication Board on the purported claim that it was not accurate. There was, however, no proof provided in the said DAR Adjudication Board decision that no data was submitted by the landowner [HLI] or that the data that HLI submitted cannot be verified or validated," the CA added. Further, the CA ruled that the RTC-SAC merely echoed and adopted the findings of the DAR Adjudication Board, which also relied on the valuations made by the DAR and the LBP. "To this Court, petitioner should be compensated fairly and fully in accordance with the equivalent loss sustained by it as landowner. In this regard, an examination of the circumstances of the case at bench showed that the RTC-SAC erred when it did not take into account the actual production value in the determination on how much is the correct just compensation due to petitioner HLI and when it simply affirmed the LBP and DAR's use of industry standard values in determining the land valuation of the CARP acquired properties," the CA said. "In this case, there was a clear admission on the part of DAR in its Answer that petitioner HLI's Audited Financial Statement was available and submitted to them, only that they deny considering them on the general claim, without more, that they cannot be verified or validated. We also checked the Answer with Affirmative Defense filed by LBP but it was not explained therein how the petitioner HLI's data could not be validated or verified," the CA added. The CA said the P28 billion amount for just compensation was arrived at using a prescribed formula that "provides a more equitable and fair computation of just compensation as it factors in various considerations affecting the value, not only of the property at the time of taking, but also of the money which could have accrued to the aggrieved landowner's benefit." "We have also taken into consideration that in computing the land value, the amounts already received by the petitioner in the sum of P471,501,417.98 million should be properly deducted in 2013. Thus, as it shows, the amount of just compensation due to the subject property is Php28,488,944,278.71 as of 30 April 2025," the CA said. In November 2011, the Supreme Court voted 14-0 ordering the distribution of nearly 5,000 hectares of land to some 6,000 farmer beneficiaries of HLI. In a 56-page decision, the 14 magistrates "recalled and set aside" the option given to the farmer beneficiaries — some of them members of Alyansa ng mga Manggagawang Bukid sa Hacienda Luisita (Ambala) and Farm Workers Agrarian Reform Movement (FARM) — to remain as HLI stockholders. The high tribunal upheld its ruling in April 2012. The sprawling estate had been under the control of the family of former Presidents Corazon Aquino and Benigno Aquino III for around six decades before the SC ordered the total distribution of the property to farmworker beneficiaries. — VDV, GMA Integrated News
Zawya
25-02-2025
- Business
- Zawya
Lesha Bank holds its Annual and Extraordinary General Meeting
Lesha Bank LLC (Public) (the 'Bank' or 'Lesha Bank') held its Annual and Extraordinary General Meeting (meeting') on Monday 24 February 2025 and approved all items listed on its agenda. Chaired by Lesha Bank's Chairman, HE Sheikh Faisal bin Thani Al Thani, the meeting took place at The NED Doha, attended by Lesha Bank's Board members, shareholders, and senior management team. The Annual General Meeting covered key agenda items, including the presentation of the Chairman's report for the financial year ending December 31, 2024, and the 2025 work plan. Additionally, several reports were presented and approved, such as the Shari'a Supervisory Board Report, Audited Financial Statement, External Auditor's Report, Corporate Governance Report (in compliance with QFMA Governance Code for Companies and Legal Entities listed on the Main Market), and Internal Control Over Financial Reporting (ICOFR). Moreover, the meeting approved the Lesha Bank 2024 Annual Report and adopted the Board of Directors' recommendation to distribute cash dividends of QAR 0.05 per share, representing 5% of the nominal value. Major transactions were also approved, and the Board members were discharged from liabilities. Additionally, KPMG was appointed as the Bank's external auditor for the financial year 2025, with their fees duly approved. During the meeting, seven Board members (four independent and three non-independent) were elected in accordance with applicable rules and regulations. Mr. Mohamed Yousef Al Mana, Mr. Meshaal Mohamed Al-Mahmoud, Eisa Mohamad Al-Mohannadi, Mr. Nasser Abdullah Al Misnad, Shaha Company for Investment and Real Estate W.L.L. represented by Mr. Hamad Ali Al Mannai, Azum Real Estate Investment Company represented by Mr. Mohammad Ali Al-Sulaiti, and Shift Company W.L.L. represented by Mr. Abdulrahman Totonji, were elected as new board members. The appointment of the remaining two Board members made by the Bank's Strategic Shareholders in accordance with article 34.2 of the Bank's Articles of Association was ratified during the Annual General Meeting: HE Sheikh Faisal bin Thani Al Thani appointed by Al Zubara Real Estate Investment Company W.L.L. and Mr. Nasser Ali Al Hajri appointed by Broog Trading Company W.L.L. They will serve until the end of the current Board term in February 2028. Following their election, the Board now consists of a total of 9 members. The Bank's Extraordinary General Meeting endorsed proposed changes to the Articles of Association, pending regulatory approval, and authorized the Chairman of the Board to sign the approved amended Articles of Association and make any necessary amendments. HE Sheikh Faisal bin Thani Al Thani, Chairman of Lesha Bank commented: 'The year 2024 reflects our unwavering commitment to strategic expansion, and value creation for our stakeholders. Our achievements stand as a testament to our ability to navigate a dynamic global financial landscape, emphasizing resilience and reinforcing our leadership in Shari'a-compliant investment banking. We remain dedicated to our forward-looking approach by aiming to enhance our wealth management offerings, diversifying our investment portfolio across all business segments, and strengthening our position as a dynamic, client-centric financial institution. I am pleased to work closely with the newly appointed Board, composed of experts in their respective fields, and look forward to guiding and leading Lesha Bank to greater heights.' Lesha Bank LLC (Public) is the first independent Shari'a-compliant Bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).
