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By Perfecto T. Raymundo Jr.

The Supreme Court has affirmed with finality its Jan. 24, 2012 ruling declaring that the 24 percent block or 753,848,312 shares in San Miguel Corporation belong to the government.

In a nine-page unanimous resolution dated Sept. 4, 2012 and released to the media on Thursday, the SC, through Associate Justice Presbitero J. Velasco Jr., dismissed the appeal filed by the Philippine Coconut Producers Federation Inc. (COCOFED), Manuel V. del Rosario, Domingo P. Espina, Salvador P. Ballares, Joselito A. Moraleda, Paz M. Yason, Vicente Cadiz, Cesaria de Luna Titular, and Raymundo C. De Villa for failure to raise new arguments that may warrant a reversal of the assailed Jan. 24, 2012 decision.

"The instant motion is but a mere reiteration or rehash of the arguments that have already been previously pleaded, discussed and resolved by this Court in its Jan. 24, 2012 Decision. And considering that the motion's arguments are unsubstantial to warrant a reconsideration or at least a modification, this Court finds no reason to modify or let alone reverse the challenged Decision," the SC said.

The 24 percent share with an estimated value of between P50 and P100 billion has been converted from "common shares" into "preferred shares" in an SC decision in 2009.

It forms part of the 47 percent share block of SMC shares sequestered by the Presidential Commission on Good Government (PCGG) in 1986 on suspicion that it was part of the ill-gotten wealth of the late President Ferdinand E. Marcos.

Originally, 27 percent was awarded but it was diluted to 24 percent with the investment of Japanese brewer Kirin in SMC.

The SC also ordered that an Entry of Judgment be made on the decision, and that no further pleadings on the case be entertained.

Associate Justice Antonio T. Carpio inhibited from the case for being one of the petitioners in a related case.

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Lazada Philippines aff_i?offer_id=3127&file_id=94992&aff_id=150634 - 1/4 Total Shares of San Miguel Corporation Belong to Philippine Government - SC - Philippine Laws


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