MANILA, Philippines—The Supreme Court decision is not only a vindication for Eduardo “Danding” Cojuangco Jr., chair of San Miguel Corp., but is also a positive development for the company, his longtime lawyer said Wednesday.
“Mr. Cojuangco is very happy,” Estelito Mendoza said. “It has been a long and difficult struggle of nearly 30 years.”
Mendoza welcomed the Supreme Court’s decision affirming the legality of Cojuangco’s personal holdings, saying it will pave the way for more business deals with parties who were previously hesitant due to concerns over the conglomerate’s ownership structure.
He said the burden of proving that the shares of Cojuangco in SMC were acquired with ill-gotten wealth lay with government lawyers who simply failed to prove the allegation.
Burden of proof on accusers
“The simple question is whether stocks were acquired with government funds,” said Mendoza, who also sits on the board of directors of San Miguel. “The burden of proof is on the accusers.”
Mendoza, who served as justice minister and chief government lawyer under the Marcos regime, pointed out that the burden of proving any illegal dealings between Cojuangco and Ferdinand Marcos was on the plaintiff.
Deposition from Zobel
He said this was not to be assumed. “The government simply did not present any evidence,” he said. “I was ready to prove [otherwise].”
Mendoza said he was even ready to present a deposition from the late Enrique Zobel saying that Marcos “had nothing to do with the Zobel family’s decision to sell its shares in SMC to Mr. Cojuangco.”
“They concluded the negotiations in just an hour, and this was because Mr. Cojuangco offered to buy [the shares at] above market price,” Mendoza said.
He noted that only Supreme Court Justice Lourdes Sereno concurred with the dissenting opinion of Justice Conchita Carpio-Morales, while the others who voted against the majority decision held other views.
“Every element must be proven by sufficient evidence,” he said, reacting to Justice Morales’ opinion.