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SC: Cojuangco’s UCPB shares belong to gov’t

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The Supreme Court has upheld a ruling issued by the Sandiganbayan in 2004 declaring that 7.2 percent in shares of the United Coconut Planters Bank (UCPB) transferred to businessman Eduardo Cojuangco Jr. were owned by the government.

The affirmation, penned by Associate Justice Presbitero Velasco Jr., denied Cojuangco’s petition arguing that the high court had already ruled on the controversial coconut levy fund.

The high court declared as unconstitutional provisions in the agreement between Cojuangco and the Philippine Coconut Administration (PCA) in 1975 which allowed the businessman  “to personally and exclusively own public funds or property.”

Cojuangco is known to have been a crony of the late dictator Ferdinand Marcos and is the uncle of President Aquino.

The agreement had provided for the transfer to Cojuangco “by way of compensation” of 10 percent of the 72.2 percent shares of stock that the PCA purchased using the coco levy fund.

“In sum, Cojuangco received public assets—in the form of UCPB shares with a value of P10.88 million in 1975, paid for with coconut levy funds,” the court said.

It noted that Cojuangco had admitted that the PCA paid the entire acquisition price for the 72.2-percent shares, “which is a clear violation of the prohibition, which the court seeks to uphold.”

“We, therefore, affirm, on this ground, the decision of the Sandiganbayan nullifying the shares of stock transfer to Cojuangco. Accordingly, the UCPB shares of stock representing the 7.22 percent fully paid shares subject of the instant petition, with all dividends declared, paid or issued upon thereon, as well as any increments thereto arising from, but not limited to, the exercise of preemptive right, shall be reconveyed to the government of the Republic of the Philippines, which as we previously clarified, shall be used ‘only for the benefit of all coconut farmers and for the development of the coconut industry.’”

The high court stressed that Cojuangco was not entitled to the UCPB shares which were bought with public funds and as such, were considered public property.

The high court reiterated its January 2012 ruling that the Sandiganbayan had jurisdiction over the subdivided amended complaints that included Cojuangco’s.


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Tags: Business , Eduardo Cojuangco Jr. , Government , Sandiganbayan , supreme court , UCPB

  • justice_league03

    Cojuangco’s UCPB shares belong to the Aquino government… thats pretty much the same thing. the ill gotten wealth still stays within the family.

  • http://profile.yahoo.com/2DG3R2AAQZDON2KH45T3YC5DOA del pillar

    Neither Cojuangco nor the Government own coco-levy fund, it should be distributed to the poor people that painstakingly and hardship took care of coconut trees! 

  • http://pulse.yahoo.com/_BL2GYU35SO6HTJUEAUTXS3QFYM George Lapulapu

    Thumbs Up!!! SC

  • ofwme2807

    kaya pala natanggal as SMC Chairman si Danding kasi alam ng taga SMC na hindi kay Cojuangco ang shares of stocks nya…mas magaling si Ramon Ang na syang Chairman ng SMC ngaun…tapos na ang paggigisa ni Danding sa sariling mantika ng mga coconut farmers, na syang real owners ng sequestered stocks na binuwisan ng coco levy fund ni Marcos…..hehehe pagkahaba haba man ng decision laglag pa rin si Danding…

  • Your_King

    Ok so now what? Now that the government owns this big pile of cash where will it go? Will Aquino just find some way to get this money back to his family? Or will the SC find some way to get this money to help the Philippines and the problem with mass poverty and high unemployment? Keep a look-out too for Aquino appointee Sereno, she seems to be having ulterior motives and plans of her own apart from her associate justices.

    • ofwme2807

      di ba sabi nga sa decision the government owns the fund but it will be used for the benefit of the coconut farmers and its beneficiaries and for the development of the coconut industry in general tapos…

      • Your_King

        That’s what they say. We’ve heard many things during Aquino’s Administration that was said at first but not done in the end.

  • dadomakapal

    Calling Atty. Estelito Mendoza, sulatan mo nga ang SC to nullify this decision!

  • rodben

    Sana hindi lang starting point ito ng new leadership ng SC marami pa  kaso para sa mga mahihirap na kalaban ay maimplowensyang mayayaman na wala paring action… MABUHAY KYO SC



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