VULCAN Industrial and Mining Corp. had to stop operating in Rodriguez, Rizal, as the Regional Trial Court (RTC) in Makati City voided its operating agreement with property owner Manuel Asencio.
Judge Winlove Dumayas of Branch 59 of the RTC in Makati City ruled that the operating agreement dated February 9, 1990, as null and void ab initio, and without any force and effect.
Thus, “any and all acts, transactions, agreements or contracts taken in accordance therewith, arising therefrom, by virtue thereof or in relation thereto are, likewise, null and void ab initio, and without any force and effect,” Dumayas said.
Vulcan Industrial and Mining Corp. apparently had no right to occupy or operate in the areas covered by Asencio’s Quarry Permit IV-4 dated October 10, 1989 and Application for Quarry Permit IV-1023 dated November 23, 1989.
The case stemmed from a petition filed in court by Asencio, the owner of the quarry permits and 45-hectare site of Vulcan’s aggregate operations.
Vulcan Industrial and Mining Corp. and its subsidiary Vulcan Mineral Corp., which was transferred to Anglo Philippine Holdings, are both publicly listed in the Philippine Stocks Exchange.
Aside from the nullification of the operating agreement, Dumayas also declared null and void ab initio the Deed of Assignment dated August 15, 1991 between property-owner Asencio and Asencio-Pinzon Aggregates Corp.
“The Deed of Assignment dated August 15, 1991 as null and void ab initio, and without any force and effect. Any and all acts, transactions, agreements or contracts taken in accordance therewith, arising therefrom, by virtue thereof or in relation thereto are, likewise, null and void ab initio, and without any force and effect,” the court declared.