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Joey T. Faustino, Executive Director of the Coconut Industry Reform Movement, told ANC's Business Nightly that the recent conversion of the contested shares in diversifying conglomerate San Miguel Corporation to non-voting preferred shares gave the Cojuangco group control of up to 65% of the company.

The ownership of the shares, which used to account for some 27% voting block in San Miguel, is being contested by various groups, including coconut farmers from all over the country. The farmers have alleged that the levy imposed on them by former President Ferdinand Marcos, an ally of San Miguel chair Danding Cojuangco, funded the purchase of the San Miguel shares.

The Supreme Court has previously given its nod for the Presidential Commission on Good Government, which the anti-graft court assigned to preserve the shares, to avail of the share conversion to take advantage of the 8% fixed dividend returns. Faustino, however, said this move was akin to allowing 'the person from whom you want to recover [ownership of the shares] to call the shots."

Faustino said they will exert efforts to block the share swap by filing a motion for reconsideration at the Supreme Court.