A lookback on dispute over Cojuangco's San Miguel shares
Business Nightly presents a background on the shares of controversial businessman and politician Eduardo "Danding" Cojuangco Jr. in diversifying conglomerate San Miguel Corporation.
On April 13, the Supreme Court issued a decision lifting the sequestration over the contested shares of Cojuangco that account for about a fifth of the San Miguel.
The high court said the government, through the Presidential Commission on Good Government (PCGG), failed to present evidence that coconut levy funds were used when Cojuangco acquired his stake in the conglomerate in 1983.
The court acknowledged that Cojuangco borrowed and has paid the funds to acquire the San Miguel shares from United Coconut Planters Bank where he was also a director and officer.
San Miguel is one of the country's biggest conglomerates.
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