SC rules gov’t owns Cojuangco’s cocobank shares

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UCPB logoBy Perfecto Raymundo

MANILA, 11July2013 – The Supreme Court has declared with finality the government owns the shares of businessman Eduardo “Danding” M. Cojuangco, Jr. in the United Coconut Planters Bank.

This, after the SC en banc voting 14-0, dismissed the motion for reconsideration filed by Cojuangco.

In a summary sent by the SC Public Information Office Wednesday, it said Cojuangco did not present new arguments in his MR.

The SC issued a ruling on Nov. 27, 2012 affirming the decision of the Sandiganbayan saying that Cojuangco cannot claim ownership of his shares in the UCPB because he bought them using the fund from the coco levy which is a public fund.

Because of this, the shares of Cojuangco in the UCPB can now be considered as public property.

The coco levy was collected from the taxes of the coconut farmers during the Martial Law.

Cojuangco got 7.22 percent shares in the UCPB through an agreement he entered into with the Philippine Coconut Authority on May 25, 1975.

The said agreement was nullified by the Sandiganbayan and was later upheld by the SC. (PNA)

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