SC rules 24% SMC shares belong to gov’t

The Supreme Court building in Manila. INQUIRER FILE PHOTO

MANILA, Philippines—The Supreme Court affirmed with finality its January 24, 2012 decision declaring that the 24 percent block or 753,848,312 shares in San Miguel Corporation belongs to the government.

In a 9-page unanimous resolution dated Sept. 4 but released to the media Thursday, the high court, through Associate Justice Presbitero Velasco, Jr, dismissed the appeal filed by the Philippine Coconut Producers Federation, Inc. (Cocofed), Manuel V. del Rosario, Domingo P. Espina, Salvador P. Ballares, Joselito A. Moraleda, Paz M. Yason, Vicente Cadiz, Cesaria de Luna Titular, and Raymundo C. de Villa for failure to  raise new arguments that may warrant a reversal of the assailed Jan. 24, 2012 ruling.

“The instant motion is but a mere reiteration or rehash of the arguments that have already been previously pleaded, discussed and resolved by this Court in its Jan. 24, 2012 Decision. And considering that the motion’s arguments are unsubstantial to warrant a reconsideration or at least a modification, this Court finds no reason to modify or let alone reverse the challenged Decision,” the high court said.

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.

Originally, 27 percent was awarded but it was diluted to 24 percent with the investment of Japanese brewer Kirin in SMC.

The high court also directed that an Entry of Judgment be made on the decision, and that no further pleadings on the case be entertained.

Associate Justice Antonio Carpio inhibited for being one of the petitioners in a related case; Associate Justices Teresita Leonardo-De Castro and Diosdado Peralta, former magistrates of the Sandiganbayan, also took no part.