Bangladesh, Sept. 23 -- The Supreme Court (SC) has ruled that the Construction Industry Arbitration Commission (CIAC) has the authority to determine who should receive the judgment award it granted to a corporation that has been dissolved.

In its 21-page decision published online on Tuesday, the SC Second Division upheld CIAC's order directing the former Philippine Commercial and International Bank (PCIB), now Banco De Oro Unibank, Inc. (BDO), to pay PHP8.7 million with interest to individuals identified as stockholders, or their heirs or representatives, of the dissolved William Golangco Construction Corporation.

The case arose from a construction project for PCIB's tower extension. After it was completed, the building started to deter...