Angel Tactay vs. Primelink Properties and Development Corporation

 [SEC-SICD * CASE NO. 11-98-6156. September 20, 1999.]ANGEL TACTAY, petitioner, vs. PRIMELINK PROPERTIES AND DEVELOPMENT CORPORATION, respondent.D E C I S I O NOn November 25, 1999 Angel Tactay filed a complaint with the Securities and Exchange Commission against Primelink Properties and Development Corporation seeking for the following: rescission of the transaction between him and respondent Primelink; nullification of the transaction, direct Respondent to return and/or refund all payments made with interest thereon at the legal rate from the time of payment; and for Respondent to pay Petitioner P100,000.00 by way of attorney's fees, P10,000.00 litigation expenses, and P100,000.00 as moral damages. cSDIHTSummons were issued to Respondent directing it to Answer within ten (10) days from receipt thereof. Despite receipt of the summons, Respondent failed to file any answer or motions. Upon Motion by Petitioner, this Hearing Panel declared Respondent in default in an Order dated February 4, 1999. Consequently Petitioner presented his case ex-parte.Petitioner Tactay in his Petition and testimony narrated that in December 1996, he became interested in a full page advertisement in...