The Sandiganbayan has dismissed the graft case filed against two members of the board of directors of Herdis Management & Investment Corporation for their reported involvement in the alleged anomalous acquisition of two corporations by the late President Ferdinand E. Marcos.

In a resolution issued last April 21, the anti-graft court dismissed the charge against Jerry Orlina and Alfredo M. Velayo who were charged with violation of Section 3(h) of Republic Act No. 3019, the Anti-Graft and Corrupt Practices Act.

They were charged for allegedly helping the late former president Marcos acquire financial interest in two domestic private corporations -- Vulcan Industrial and Mining Corporation (VIMC) and The Energy Corporation (TIC) -- that were controlled by Herdis Management.

Allegedly four billion shares of stocks of VIMC were bought at P.01 per share or a total of P40 million, while 2.5 billion shares of stocks of TIC were bought at P.01 per share for a total of P25 million.

In its resolution, the anti-graft court said that the prosecution admitted that the circumstances surrounding Orlina's alleged role were not sufficient enough to identify his definitive role in the reported conspiracy.

"There must be positive and conclusive factual evidence indicating the existence of conspiracy, and not simple inferences, conjectures, and speculations speciously sustained because it cannot be mere coincidence," the court said.

"For inability of the prosecution to discharge its burden to prove the conspiracy among the accused and his guilt beyond reasonable doubt, the Court has no other choice but to dismiss the case against accused Orlina," the court also said.

With the submission by the prosecution of the certificate of death of Velayo who passed away on May 27, 2014, the court ordered the dismissal of his case.

The five-page resolution was written by Associate Justice Lorifel L. Pahimna with the concurrence of Fourth Division Chairperson Associate Justice Michael Frederick L. Musngi and Associate Justice J. Ermin Ernest Louie R. Miguel.

To recall, the anti-graft court had acquitted Herdis board member Jesus Disini of his graft charge in light of his Immunity Agreement with the government. Disini cited in his motion to quash that the immunity granted to him by the Supreme Court in "Disini vs Sandiganbayan" is "binding."

The case against another co-accused, the late Herdis president Herminio T. Disini, was also dismissed earlier in light of his death. The case against Herdis board member Domonico O. Borja was likewise dismissed in view of the prosecution's failure to show his conspiracy among the accused.