"Currently, the PCGG and the Office of the Solicitor General are studying the Republic’s legal options in light of the recent ruling," PCGG Spokesman Nick D. Suarez said in a statement.

"Among the options being considered is the filing of a motion for reconsideration or a direct appeal before the Supreme Court."

The Sandiganbayan has junked the case against Mr. Tan and several others, including the heirs of the late strongman Ferdinand E. Marcos, for lack of "convincing" evidence.

"The PCGG believes that it has presented overwhelming evidence against the business tycoon which includes, among others, the judicial admissions of Imelda Marcos confirming the 60-40 Ferdinand Marcos-Lucio Tan business arrangement kept under wraps by layers after layers of corporations; the testimony of Senator Ferdinand "Bongbong" Marcos, Jr. who confirmed their family’s financial relationship with Lucio Tan; and the testimony of former PCGG chairman Jovito Salonga on Lucio Tan’s offer of compromise which was flatly rejected by the Cory government," said Mr. Suarez.

Also noted was the affidavit of Marcos associate Rolando Gapud that narrated the Marcos-Tan 60-40 business partnership.

"The Sandiganbayan also failed to take into consideration the concessions made in favor of Lucio Tan during his takeover of General Bank and Trust Co. (now Allied Bank)," Mr. Suarez said, adding that "the decision could not have come at a worse time when there are valid issues arising from the proposed merger of Allied Bank with the Philippine National Bank."

He further said the Sandiganbayan failed to give weight on the offer of compromise personally written in June 1987 by Mr. Tan to then president Corazon C. Aquino. 

Source: Business World