AFTER 28 years, the Sandiganbayan on Wednesday directed the United Coconut Planters Bank to turnover 72.2 percent of the bank’s shares under the name of businessman Eduardo Cojuangco Jr. to the government.
In a 17-page resolution, the Second Division ordered Cojuangco to issue a writ of execution transferring shares of stock to the government.
“The PCA [Philippine Coconut Authority] and defendant Cojuangco Jr. are hereby ordered to surrender to the Court the necessary documents to effect the transfer of the subject shares of stock in favor of plaintiff Republic of the Philippines,” the decision read.
“The UCPB is directed to cancel the subject shares of stock and to issue the equivalent number of shares in the name of the Republic of the Philippines.”
The decision was penned by Second Division chairman Associate Justice Teresita Diaz-Baldos and was concurred by Associate Justices Napoleon Inoturan and Maria Cristina Cornejo.
The court ended 28 years of litigation on the ownership of the 72.2- percent shareholdings in the bank put up in 1975 using P108.8 million from the Coconut Consumers Stabilization Fund.
Accordingly, let a writ of execution issued implementing the Supreme Court decisions,” the Sandiganbayan said.
The Second Division said the transfer of the questionable shares to the government “is now in order” as the Supreme Court, through a
Nov. 27, 2012 resolution already ruled with finality.
It added the Republic of the Philippines is the rightful owner of the UCPB shares.
“Thus, in the same manner, the Court finds that the proper procedure is for defendant Cojuangco Jr. to transfer the subject shares to the Republic of the Philippines and for the UCPB to record such transfer in its corporate books,” the resolution further stated.