Philippines: San Miguel’s chairman against compromise deal with government on stake
Eduardo Cojuangco the San Miguel’s chairman is opposed to a compromise deal with the government in connection with its long-standing dispute over ownership of the Philippines' largest food and beverage conglomerate, his lawyer said on December 201, according to Dow Jones.
Cojuangco's lawyer Estelito Mendoza, who is also a director of San Miguel, stated that his client wants the 18-year dispute to be resolved via a court trial. In 1987, the government, through the Presidential Commission on Good Government, or PCGG, seized the shares of Cojuangco and groups he represents alleging they were acquired using funds for the development of the coconut industry. In week 50, the chairman of the PCGG proposed a compromise deal with Cojuangco may be the only way to resolve the dispute over the stakes, which combined represent close to half of San Miguel's shareholdings.
Cojuangco claims as a personal stake around 19%, plus the 27% now controlled by the PCGG. The PCGG is disputing ownership of both stakes. The remaining shares are owned by a number of shareholders, including Japan's Kirin Brewery.
"It is no longer time to talk of a compromise," said Mendoza. "None of (Cojuangco's) San Miguel stocks were acquired with coconut levy funds."
Mendoza said instead of looking at a compromise, the PCGG should join Cojuangco in asking the anti-graft court to finally hold a trial and if possible daily hearings on the San Miguel ownership dispute. "With the sequestration by the PCGG of nearly all the properties of Mr. Cojuangco, the delay amounted to an illegal taking of property without any compensation," Mendoza stated.
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