MAKATI COURT CORRECTS PANEL RULING
Lotto service provider DFNN to get P310M from PCSO
Published February 29, 2016 10:52am
A Makati regional trial court has ruled that DFNN Inc. should get P310 million from the Philippine Charity Sweepstakes Office and not the P27 million decided by an arbitration panel last year, the company said Monday.
"This is to inform the Philippine Stock Exchange Inc. that today, DFNN Inc. received a copy of the Decision dated February 17, 2016 issued by the Regional Trial Court of Makati City, Branch 66 in relation to the Petition for Correction filed by the company," DFNN said in a disclosure.
"In its decision, the court granted the petition and ordered the correction of the Arbitral Award to P310,095,149.70 plus 6 percent interest from the date of finality of the decision until final satisfaction thereof by the Philippine Charity Sweepstakes Office (PCSO) in accordance with computation for liquidated damages provided under Section 13.2 of the Equipment Lease Agreement between the company and PCSO," DFNN added.
In June 2015, an arbitration committee has ordered the PCSO to pay lotto betting services provider DFNN P27 million in liquidated damages for terminating an equipment lease agreement (ELA) for no valid reason.
DFNN, whose shares are traded on the Philippine Stock Exchange, noted the arbitration panel declared the PCSO erred when it rescinded DFNN's lease agreement that encompasses a systems design development and an upgrade of lotto betting via personal communications devices.
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For February 28, 2016 Sunday
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Morning 11am: 24-10
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Php 4,000.00 per 10 peso play
Suertres Lotto Luzon Vis-Min
Morning 11:00 am: 5-3-9
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Php: 4,500 per 10 peso play
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01-31-40-30-42-33
Current Jackpot: Php 16,890,592.00
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10-13-23-11-07-09
Current Jackpot: P50,000,000.00
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