Facts: 2001 case

A motion for reconsideration was filed by petitioners Marjorie Tocao and Willliam T. Belo on
Nov 14, 2001 against the respondent Nenita A. Anay. As presented during the cross-examination
of the witness from the respondent’s team namely Elizabeth Bantilan she further stated that Belo
was just a guarantor of the said company, she further mentioned that a guy named Peter Lo was
the financer of the company. The business agreement that was made between both parties Tocao
and Anay was not registered in the Securities and Exchange Commission. It was said that Belo
had activities of attending gatherings and meeting of Geminesse Enterprise and later was
confirmed in Elizabeth Bantilan’s statement that those happenings were because Belo was the
company’s guarantor. There was lack of evidence when it comes to Belo’s participation in the
sharing of profits of the business. Nenita A. Anay herself was aware of the fact that Belo was not
receiving any share of income with regards to their transactions, it was later on affirmed by
petitioner Tocao that Belo was not participating in the sharing of any profits from the business
hence this makes Belo not part of the part of the partnership. In reference to the abovementioned
to these statements, the complaint of the respondent against petitioner Belo shall be dismissed.
On the other hand petitioners further claims that respondent Anay shall be liable for the damages
caused in bad faith of not accounting for the amount of P 208,250.00 stocks of Geminesse
Enterprise