SC tells Makati court: Hands off Cocolife case
INQUIRER FILE PHOTO
MANILA, Philippines–The Supreme Court stopped the Makati City Regional Court from acting on the case filed by United Coconut Planters Life Assurance Corporation (Cocolife) against the government to cash in their claim on the over P1.6 billion worth of shares in San Miguel Corporation.
In a resolution, the high court also gave Cocolife 10 days to answer PCGG’s petition.
PCGG through Solicitor General Francis Jardeleza said the Makati Court committed grave abuse of discretion when it denied the government’s bid to dismiss the case filed against it by Cocolife.
It explained that in acting on the case filed by Cocolife to stake its claim over portions of the 24 percent block shares in San Miguel Corporation, the lower court “effectively reviewed the consolidated decision of the Honorable Court declaring that CIIF (Coconut Industry Investment Fund) companies, the 14 Holding Companies and the CIIF block of SMC shares are owned by the government to be used only for the benefit of the coconut farmers and for the development of the coconut industry.”
Assuming that there is still no Supreme Court ruling, Jardeleza said the Makati Court has no authority to hear ill-gotten wealth cases. He said only the Sandiganbayan has that authority.
Article continues after this advertisement“PCGG is entitled to the relief demanded which consists in restraining respondent Judge from further hearing the case. Indeed, respondent Judge encroached on the exclusive authority of the Sandiganbayan to hear cases involving ill-gotten assets,” Jardeleza stated in the petition.
Article continues after this advertisementCocolife wanted the amount be deducted from the coco levy fund, which the high court already declared as belonging to the government.
But the government insisted that the case has dragged on for 25 years, saying “Cocolife should have taken the necessary steps and made known its alleged interest” and not wait for the case to reach the high court and become final and executory.
Cocolife wants to be declared a proportionate owner of the CIIF companies, the 14 CIIF Holding Companies and the CIIF block of SMC shares.
The Sandiganbayan, in its ruling, said that the 14 CIIF holding companies used borrowed funds from United Coconut Planters Bank to acquire the SMC shares in the aggregate amount of P1.656 billion.
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