SC names 3 members of panel to audit sale

The Supreme Court has appointed a three-member panel to conduct an audit of the P1.3 billion in proceeds from the sale of  580 hectares of the Coujangco-owned sugar estate Hacienda Luisita and gave it 90 days to do the job.

The audit was ordered by the high court in 2011 to determine if the proceeds of the sale of the 500 ha for commercial use and the 80.51-hectare lot for the Subic-Clark-Tarlac Expressway  road network were spent or used for legitimate corporate purposes.

Theodore Te, Supreme Court spokesperson, said the high court issued a resolution on Jan. 28 appointing the panel members who will audit the books of Hacienda Luisita Inc. and Centennary Holdings. They were the Ocampo, Mendoza, Leong and Lim accounting firm, certified public accountant Ma. Carissa May Pay-Penson, and  Navarro, Amper and Co., accounting firm.

“The panel is to submit to the court its report/recommendation  upon completion of the audit. Any contentious issue is to be decided by the court based on the submissions of the panel members,” Te quoted the resolution as saying.

The audit will cover the period from the respective dates of receipt of the payments for the lot until the finality of the high court’s July 5, 2011, decision. This means that any ordinary or necessary business expenditure incurred after the final court decision will not be deductible from the P1.3 billion in proceeds subjected to the audit. Christine O. Avendaño