Property

Cyber Bay loses appeal, will go to SC to get P1B reimbursement for aborted Amari reclamation project

Publicly-listed Cyber Bay Corp. has lost its appeal with the Commission on Audit to get a P1 billion reimbursement from its ill-fated project to reclaim 750-hectares in Manila Bay.

Cyber said it would elevate the case to the Supreme Court to enforce the 2016 compromise deal with the Philippine Reclamation Authority which agreed to transfer 10.2 hectares of property to its subsidiary, Central Bay Reclamation and Development Corp. (formerly Amari Coastal Bay Reclamation and Development Corp.) as reimbursement for the P1 billion it sunk into the aborted project.

The COA en banc rejected Cyber’s motion for reconsideration on June 2020 or a year after it ruled the property transfer illegal (only Congress can enter into such deals involving more than P100,000) and that Cyber was only entitled to P715 million in compensation.

“Central Bay intends to file a Petition for Certiorari with the Supreme Court (SC) on or before 19 August 2020 in light of the imposition of Modified Enhanced Community Quarantine in Metro Manila,” Cyber said.

The reclamation was hatched during the Ramos administration but was abandoned in 2003 after the SC declared as void the conveyance by Public Estates Authority of 368 hectares of reclaimed land in Manila Bay to a joint venture it formed with Amari.

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