REAL estate developer Megaworld Corporation was ordered by the Quezon City Regional Trial Court to earmark some P900 million which will serve as the counterbond for their potential obligation that is being claimed by construction firm DATEM Inc.

The QC court said in their order on November 24, 2023, as ordered by Judge Rochelle Yvette Galano of Quezon City RTC Branch 105 had asked Megaworld to set aside P873,324,248.89.

This will serve as the counterbond for their case with DATEM, its former contractor. 
 

As the court’s approval over the P87.324 million bond,it allowed the freeze order on Megaworld assets in five projects to be lifted.
 

Earlier, DATEM noted that if they win its lawsuit to collect alleged unpaid dues from Megaworld, the said bond is intended to act as a safety net.

DATEM also said that although the court's ruling may appear to be a change in the current legal dispute, they said that there is no bearing on the main points of its lawsuit against Megaworld.

"It is crucial to note that this development has no bearing on the core of our lawsuit against Megaworld, which seeks to secure payment for finished projects where work has been completed,” the statement said.
 

Megaworld for their part said that DATEM has not fulfilled their obligation to complete the projects that were given to them.