THE Supreme Court has ordered the return of an 8,000-square-meter plot of land on Buendia Avenue to RJ Ventures Realty, which was owned by businessman and pop musician Ramon ?RJ? Jacinto before the Philippine National Bank foreclosed on it.

The Court thus ended an eight-year legal battle over the property with its decision.

Jacinto bought the piece of property in 1996 for $140 million, but the Asian financial crisis starting 1997 forced a suspension and a restructuring of the mortgage.

Jacinto then submitted to the court a letter of agreement to restructure with PNB dated June 24, 1998, which was a condition for re-dominating its mortgage to a peso loan from a dollar loan.

PNB reneged on the restructuring by foreclosing.

Jacinto also claimed before the Supreme Court that the administration of President Joseph Estrada had targeted him as its enemy, citing a speech by his son, Senator Jinggoy Estrada, before the Senate saying his father had ordered government institutions to go after Jacinto.

At the time, PNB was a government-owned institution before Lucio Tan?s group bought control of the bank.

Jacinto, who was closely identified with Estrada?s predecessor, former President Fidel Ramos, resisted PNB?s foreclosure by securing an injunction from the Court of Appeals, but PNB continued to foreclose while appealing the injunction.

The Supreme Court upheld the decision written by Justice Conrado Vasquez of the Court of Appeals, who had ruled that PNB should not have foreclosed. It said the lower court had no right to declare Jacinto in default without a court trial.

?This case was the most difficult thing I have undergone [since Martial Law],? Jacinto said when contacted for comment.

?The President of the country at that time was after me and the PNB, while restructuring many others during the Asian crisis, gave me five days to pay the mortgage even after assuring me of a restructuring.

?For twelve-and-a-half years, this has been an albatross around my neck. I am glad the courts have vindicated me. I thank God our justice system still works. I hope that with this decision, PNB and I can finally work things out amicably and live happily ever after.?