Coco farmers want probe into sale of SMC shares

MANILA, Philippines—Coconut farmer groups on Wednesday asked Ombudsman Conchita Carpio-Morales to probe the questionable conversion of the government’s 24 percent share in San Miguel Corporation.

In its 14-page complaint, the group urged Ombudsman Conchita Carpio-Morales to look at the possible violation of the Anti-Plunder Law, Anti-Graft Law and violation of the Code of Conduct and Ethical Standards of Public Officials and Employees.

“The complainants seek the Ombudsman’s protection and implore her to investigate the apparent coordination, conspiracy and collusion between and among the Board of Directors of Philippine Coconut Producers Federation Inc. (Cocofed) upon whose initiation and instigation the perversion of the converted shares was applied for and eventually approved, and the public officials and employees of the Presidential Commission on Good Government, Department of Finance, Development Bank of the Philippines and the Office of the Solicitor-General who kowtowed to Cocofed…that the conversion from common shares to preferred shares was the best way to preserve the value of the shares,” the complainants said.

Some of the complainants include Adelmo V. Arandela, national Vice President of the Nagkakaisang Ugnayan ng mga Magsasaka at Manggagawa sa Niyugan (Niugan); Luisita Zarsadias-Esmao, national chairperson of Lakas ng Kababaihan sa Kanayunan (Lakambini)

Sought to be investigated include former Presidential Commission on Good Government (PCGG) chairman Camilo Sabio; PCGG commissioners Narciso Nario, Teresio Javier and Jaime Bautista; former finance secretary Margarito Teves; former Development Bank of the Philippines president Reynaldo David; and former solicitor-general Agnes Devanadera.

The groups are also asking the Ombudsman to investigate the possible involvement of former President Gloria Macapagal-Arroyo “given her control and supervision over the PCGG.”

The 24 percent shares with an estimated value between P50 to P100 billion has been converted from common shares into preferred shares  in a Supreme Court ruling in 2009.

The 24-percent share forms part of the 47 percent share bloc of San Miguel shares sequestered by the PCGG in 1986 on suspicion that it was part of the ill-gotten wealth of the late President Ferdinand Marcos.

The high court ruled that the 24 percent shares belong to the government.

Early this month, the national government received over P55-billion proceeds paid by SMC for buying back the shares from the government.