Three decades after Marcos ouster, P83B coco levy assets to be finally turned over to gov’t

The Sandiganbayan has finally ordered the execution of the Supreme Court’s 2012 ruling declaring P83 billion in assets acquired with coconut levy surplus funds to be government-owned to be used for the benefit of farmers.

In a recent 14-page resolution, the court’s Second Division granted the Presidential Commission on Good Government’s (PCGG) appeal for a writ of partial execution on the SC’s January 24, 2012 decision.

This would allow the turnover of the several assets acquired through the Coconut Industry Investment Fund (CIIF), including six companies known as the CIIF Oil Mills Group (CIIF-OMG).

Also set to be turned over are the OMG’s 14 holding companies, and the holding companies’ 753.85 million shares of stock in San Miguel Corporation (SMC), as well as income and dividends derived from the assets.

The said assets were recovered from Eduardo “Danding” Cojuangco, Jr., a crony of the late dictator Ferdinand Marcos.

The Sandiganbayan reversed its December 29, 2017 resolution that would have prolonged the execution of the SC ruling by conducting more hearings on the claim of United Coconut Planters Bank (UCPB) and the United Coconut Planters Life Assurance Corp. (Cocolife) that their corporate investments would be affected by the ruling.

The antigraft court noted that the SC already issued on December 10, 2014 the entry of judgment making its 2012 decision final and executory.

“Evidently, the issue of ownership… has already been settled with finality. The only thing left for determination of the Court is the matter of execution of judgment,” read the resolution penned by Associate Justice Michael Frederick L. Musngi.

Copyright © 2019 Abogado - Latest News in the Philippines