The Department of Justice has dismissed a case that had been filed against two top executives of MRC Allied Inc., a company led by mining mogul Salvador Zamora II.
According to a regulatory filing by MRC, the case against its president Augusto Cosio, and director Bernard Rabanzo, was formally dismissed on October 2.
The legal conflict began when Cosio and Rabanzo received a subpoena from the Office of the Provincial Prosecutor in Cabanatuan City, Province of Nueva Ecija, in July. This subpoena was related to charges of estafa.
The case was initiated by Christopher Aguilar, the proprietor of C.F. Aguilar Rice Mill, who sought to recover a security deposit amounting to P5 million.
The dispute arose from a prior memorandum of agreement between Aguilar and Menlo Renewable Energy Corp. (MREN), led by Rabanzo, for the installation and operation of a 550-kilowatt rooftop solar PV system at Aguilar’s rice milling facility.
However, the agreement was terminated in April 2023, prompting Aguilar to demand the return of his P5 million security deposit.
MREN had initially requested additional time to facilitate the refund of the security deposit, but Aguilar chose to pursue legal action against both Cosio, in his capacity as president and CEO of MRC, and Rabanzo, in his capacity as president of MREN.
MRC, although not directly involved in the case, expressed its satisfaction that an amicable settlement had been reached between the concerned parties, resulting in the dismissal of the legal proceedings.