THE anti-graft court has dismissed a petition challenging the authority of government representatives to vote and sit on San Miguel Corp.’s (SMC) board for the year 1994-1995 under the shares acquired by an alleged Marcos Sr. crony, citing the case as no longer relevant.
In an eight-page resolution, the Sandiganbayan Second Division dismissed the quo warranto petition filed by Eduardo M. Cojuangco, Jr. and his cohorts, challenging the Presidential Commission on Good Governance (PCGG) authority over the sequestered shares connected with the coco levy fund scam.
The petition sought to remove PCGG representatives from SMC’s board, to be replaced by Mr. Cojuangco and his other petitioners.
They argued that PCGG had no “legal right to vote the sequestered shares.”
The anti-graft court stated that the asset recovery agency has the right over the sequestered shares, citing jurisprudence.
“As for the removal of the respondents as members of the board, and their replacement with the petitioners, the time for granting such relief has long passed,” penned by Associate Justice Geraldine Faith A. Econg in the Dec. 23, 2024 resolution.
“This prayer of the petitioners had become impossible as early as April 14, 1995, when the subsequent SMC annual stockholders’ meeting was held and the succeeding board of directors was elected,” she added.
SMC did not immediately respond to a Viber message seeking comment. — Kenneth Christiane L. Basilio