The order stemmed from a writ of injunction at a Davao City court filed by Mahusay against Villanueva for continuing to act as PMC president and member of the board of directors even if he already sold to Mahusay his shares of stocks with Philsaga Management and Holdings amounting to 125,000 common shares.
It was the second time that a court order was served at the PMC administration building. The first was only received outside the well-secured gate as the court sheriff was not allowed to get inside.
Judge Rowena Apao-Adlawan, 1st vice executive judge and presiding judge of the Regional Trial Court in Davao City issued the TRO.
Villanueva has earlier said the move was meant to prevent him from performing his functions, and allegedly perpetrated by the company’s Australian partner X64 to eventually take over PMC.
PMC accused Jeff McGlinn, managing director of Ten Sixty Four (ASX: X64) Limited, who holds 40 percent of PMC shares, as behind the moves to remove Villanueva.[]
Mahusay, who was installed by McGlinn to replace Villanueva as president claimed the latter continued to act as PMC president and member of the board of directors even if he already sold to Mahusay his shares of stocks with Philsaga Management and Holdings amounting to 125,000 common shares.[]
