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BENGUET RESTRAINED BY COURT FROM ELECTING DIRECTORS

 MANDALUYONG, Metro Manila, May 26 /PRNewswire/ -- Benguet Corporation (NYSE: BE) announced that it has been temporarily restrained by the Philippine Supreme Court from electing directors until the Presidential Commission on Good Government (PCGG) and the record owners of over 30 million of Benguet's Class A shares have resolved the question of who owns and is entitled to vote the said shares.
 The shares in question, which are recorded in the name of Palm Avenue Holdings Company, Inc., and Palm Avenue Realty and Development Corporation, were sequestered by the PCGG following the end of Ferdinand Marcos' presidency, claiming they were "ill gotten wealth" of Benjamin Romualdez, brother-in-law of former Philippine President Ferdinand Marcos. From 1986 through 1991 the said shares were voted by the PCGG. Prior to the 1992 annual meeting of Benguet, the Philippine Sandiganbayan (Ombudsman) issued an order forbidding the PCGG from voting the said shares, and as a result two nominees of the Romualdez family were elected to Benguet's board. Then, on July 9, 1992, the Philippine Supreme Court issued an order restraining the Sandiganbayan from enforcing its order.
 On May 25, 1993, the Philippine Supreme Court issued another order which, among other things, temporarily restrained Benguet from electing directors until further order of the court, which is expected after the Philippine courts have resolved the matter of who owns and is entitled to vote the said shares. Benguet has no idea how long that may take. In the meantime, Benguet's presently sitting board of directors will continue to manage the company's affairs.
 -0- 5/26/93
 /CONTACT: Robert V. Schnabel, U.S. counsel, Benguet Corporation, 202-638-2241/
 (BE)


CO: Benguet Corporation ST: IN: MNG SU:

MH -- DC003 -- 2357 05/26/93 10:04 EDT
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Publication:PR Newswire
Date:May 26, 1993
Words:286
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