Nation

Government owns Danding’s share in UCPB

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The Supreme Court declared with finality that the government owns all the shares of business tycoon Danding Cojuangco at the United Coconut Planters Bank (UCPB).

The highest court, with a vote of 14-0, junked the Motion for Reconsideration filed by Cojuangco.

In a released summary of the Public Information Office of the Supreme Court, it mentioned that Cojuangco wasn’t able to present new evidence in his motion.

Prior to this, the Supreme Court ratified the decision of the Sandiganbayan in November 27, 2012 which states that Cojuangco will not be able to get his shares from UCPB because the money used in buying those shares came from the COCO Levy fund.

Because of this, Cojuangco’s shares were considered as public property.

The Coco Levy came from the tax that was implemented to coconut farmers during Martial law.

Cojuangco acquired 7.22 percent shares in UCPB through a deal he entered with the Philippine Coconut Authority on May 25, 1975. It was later declared void by the Sandiganbayan which was agreed by the Supreme Court. (Judie Anne Abejero)

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