News Flash

September 02, 2015, Wednesday
  • Missing mountaineer in Tarlac found dead. 5 hours ago |
  • Two bodies recovered from a landslide in Benguet. 5 hours ago |
  • Senate approves bill exempting Persons with Disabilities (PWDs) from paying 12% VAT. 5 hours ago |
  • Baler RTC Judge Jude Erwin Alaba shot and killed in an ambush in Baler, Aurora. 5 hours ago |
  • 1 woman & 2 men shot in an ambush on Tuesday at about 8 pm along Katipunan Ave. at the boundary of White Plains & St. Ignatius Village QC. 6 hours ago |
  • Ombudsman Morales says she’ll decide in 1 month if a case may be filed vs. Abad & other gov’t ofcls. over DAP. 11 hours ago |
  • Ombudsman Morales reveals she has started a probe on the role of Pres. Aquino, DBM Sec. Abad & other gov’t officials on DAP. 11 hours ago |
  • MMDA collects at least 10-truckloads of trash from EDSA-Shaw Boulevard following INC’s rally in the area. 11 hours ago |
  • One Dream Pres. Arnel Gacer fails to show up at DOJ preliminary investigation on syndicated estafa case filed against him. 11 hours ago |
  • Coloma says the Ombudsman may launch a probe into any issue like DAP but the President is immune from any suit. 11 hours ago |
  • Atty. Renato Bondal says P 127M in professional fees alone was paid by PHEI to STI from 2006 to 2015. 11 hours ago |
  • Lawyer Renato Bondal says the Phil. Health Educators (PHEI) was established in 2003 to take money from Makati’s school system. 11 hours ago |
  • Lawyer Renato Bondal sues VP Binay & Makati Mayor Binay for alleged anomalous deal between University of Makati (UMak) & STI. 11 hours ago |
  • Atty. Renato Bondal files plunder & graft charges vs. VP Jejomar Binay & suspended Makati Mayor “Junjun” Binay. 11 hours ago |
  • Pro-environment group holds protest at Japanese Embassy in Pasay City to condemn massive dolphin-hunting in Japan. 14 hours ago |
  • Local gov’t offers P 50K reward for the arrest of the killers of a 10-year-old girl in Tanay, Rizal. 14 hours ago |
  • Thousands of fishermen expected to troop to Luneta on Wednesday to protest the amended Fisheries Code. 14 hours ago |
  • Ombudsman to file a motion for reconsideration at SC after it granted Sen. Juan Ponce Enrile’s petition to post bail. 15 hours ago |
  • Weather forecasters say about two to four storms will hit PH in September. 15 hours ago |
  • Maynilad & Manila Water warn of water supply interruptions in some areas in NCR with the onset of El Nino. 15 hours ago |
  • Some fishermen complain the Amended Fisheries Code contains too many restrictions. 15 hours ago |
  • Comelec reminds OFWs that the deadline for their registration is on October 12. 15 hours ago |
  • Comelec lengthens voter registration days from Monday to Saturday and on holidays. 15 hours ago |
  • 12-year-old girl dies in fire that hit their home in Sitio Masikap, Quezon. 15 hours ago |
  • Search on for mountaineer swept away by strong waves while crossing a creek in San Jose, Tarlac. 15 hours ago |
  • Landslide hits Villaviciosa town in Abra forcing at least 166 families to flee their homes. 15 hours ago |
  • Expelled INC Min. Isaias Samson Jr. asks gov’t what deal it struck with INC that supposedly ended its 5-day rally. 15 hours ago |
  • Justice Sec. Leila de Lima back at work at DOJ and says she has no plans of resigning. 15 hours ago |
Advertisement

It’s final: Govt owns Danding’s shares in Cocobank

By Rey E. Requejo | Jul. 11, 2013 at 12:02am
The Supreme Court has ruled with finality that the shares of businessman Eduardo Cojuangco Jr. in the United Coconut Planters Bank (UCPB) belong to the government.

In an en banc resolution promulgated Tuesday, the Supreme Court dismissed Cojuangco’s motion for reconsideration of its Nov. 27, 2012 decision upholding the ruling of the Sandiganbayan in July 2003 that declared the disputed shares as among the assets illegally acquired using coconut levy funds.

The justices said Cojuangco’s petition had no merit because it was a “mere reiteration of the arguments that have been previously pleaded, submited and resolved by the Court.”

In his appeal, Cojuangco argued that his constitutional right to due process and the non-impairment of contract were violated, but the Court disagreed.

“The arguments in the motion are too unsubstantial to warrant reconsideration or modification. We find no reason to modify or abandon the challenged cecision,” the Court said, in its ruling written by Associate Justice Presbitero Velasco Jr.

The justices said the new ruling was final.

“No further pleadings shall be entertained. Let entry of judgment be made in due course,” the Court said.

In the decision approved by eight justices last year, the Court held that the anti-graft court the Sandiganbayan was correct in nullifying the a May 25, 1975 deal with the Philippines Coconut Administration that transferred to Cojuangco by way of compensation 10 percent of the 72.2 percent First United Bank (now UCPB) shares of stocks that the PCA purchased from his uncle, Pedro Cojuangco, using the coconut levy funds.

The court noted that Cojuangco in effect received public assets with a value then of P10.88 million, considering his admission that the PCA paid the entire acquisition price for the 72.2 percent shares out of the Coconut Consumers Stabilization Fund,

The tribunal said Cojuangco benefitted by owning property acquired using public funds.

The Court also ruled that the Presidential Commission on Good Government had presented “conclusive” and “incontrovertible” evidence to prove this before the Sandiganbayan.

“Consequently, Cojuangco cannot stand to benefit by receiving, in his private capacity, 72.2 percent of the FUB shares without violating the constitutional caveat that public funds can only

be used for public purpose. Accordingly, the 7.22 percent FUB (UCPB) shares that were given to Cojuangco shall be returned to the government, to be used ‘only for the benefit of all coconut farmers and for the development of the coconut industry’,” the Court ruled.

The Court also upheld the anti-graft court’s ruling declaring the government as owner of the 72.2 percent shares of UCBP that the PCA bought using coconut levy funds.

In its 2003 ruling, the Sandiganbayan ruled that the use by the PCA of coconut levy funds to purchase shares in UCPB in 1975 was illegal.

It also added that a presidential decree that the PCA used to justify its use of the coconut levy funds was never published, and therefore “did not acquire binding force.”
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by MST.ph. Comments are views by manilastandardtoday.com readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandardtoday.com. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with MST.ph editorial standards, MST.ph may not be held liable for any false information posted by readers in this comments section
comments powered by Disqus

In This Category

Want Updates?

Be the first to know on what is latest from MST.ph, simply enter your email below to get started. We don’t spam dont worry!

Advertisement