Sandiganbayan junks appeal of oil mills ABS-CBN News
MANILA The Sandiganbayan 2nd Division has denied the motions for reconsideration filed by oil mills and holding firms on the decision of the anti-graft court to transfer an estimated P75 billion coco levy fund to the government for the use of coconut farmers. In the motion filed by the United Coconut Planters Life Assurance Corp., United
Sandiganbayan orders implementing SC ruling on coco
The anti-graft court's second division granted the motion for reconsideration filed by the Presidential Commission on Good Government (PCGG), which stated that the Sandiganbayan has no discretion to stay the enforcement of the partial summary judgment of the Supreme Court dated May 7, 2004. The CIIF companies are: Southern Luzon Coconut Oil Mills,
Oil Mills file MR on Sandiganbayan’s Coco Levy ruling
Members of the Coconut Industry Investment Fund Oil Mills Group (CIIF-OMG) have asked the Sandiganbayan to reconsider its order directing the partial execution of a Supreme Court (SC) decision which ruled that the funds from the proceeds of the redemption of San Miguel Corporation (SMC) shares shall belong to the government, which shall be used only for the benefit of the coconut farmers and
Sandiganbayan rules to proceed with trial of 2 coco levy
The 'coco levy' collected from farmers was supposed to be used to develop the coconut industry. File photo . Sandiganbayan rules to proceed with trial of 2 coco levy cases .
CIIF What does CIIF stand for? The Free Dictionary
Sandiganbayan junks oil mills' motion on coco levy ruling The CIIF is a fund pooled from taxes collected from coconut farmers by the late President Ferdinand Marcos. Shareholders approve Kirin acquisition of 15% of San Miguel
Sandiganbayan rejects firms’ plea on coco levy Inquirer
The Sandiganbayan has denied for lack of merit the appeals of several corporations against the enforcement of the Supreme Court’s 2012 ruling that P83 billion in coconut levy
Coconut Industry Investment Fund How is Coconut
The Sandiganbayan earlier took cognizance of the Supreme Court (SC) ruling ordering that the Coconut Industry Investment Fund Oil Mills Group (CIIF-OMG) companies and shares be turned over to the government for the benefit of coconut farmers.
Case conference definition of case conference by
case conference: A meeting attended by representatives from the agencies involved with a particular care user and his/her carer(s) to plan future provision of health and/or social services.
Partial execution financial definition of partial execution
Partial Execution A situation in which a broker fills part of a client's order, but is unable to fill the whole order because of the lack of a corresponding order. For example, if an investor makes an order to a broker to sell 1,000 shares at a certain price, but there are only buyers for 600 shares, the broker partially executes the order and looks for
SC junks claim of UCPB, Cocolife over sequestered coco
On Jan. 24, 2012, the high court upheld the Sandiganbayan’s decision in two civil cases related to the coconut levy funds. The Supreme Court agreed with the Sandiganbayan that the coco levy
SC junks UCPB, Cocolife claims on coco-levy funds in
In the same ruling, the Court held that as the coconut-levy funds partake of the nature of taxes and can only be used for public purpose, and important, for the development, rehabilitation and
Sandigan orders turnover of P83-billion coco levy fund
More than 30 years after the case was filed, the Sandiganbayan finally ordered the turnover of P83 billion in assets acquired through the Coconut Industry Investment Fund to the government for the
CIIF firms want to pay loans with part of P74-B coco levy
The ruling comes four years after the Supreme Court ruled with finality on a 2004 decision of the Sandiganbayan that declared the government as owner of the coco levy funds. The Sandiganbayan then ordered all income earned by the 20 CIIF companies and the more than 753 million preferred shares in SMC be used to benefit the coconut industry.
DAHIL WALA NA SA KAPANGYARIHAN ANG MGA
dahil wala na sa kapangyarihan ang mga aquino na laging dumedepensa sa mga mayayamang cojuangco, kaya baka magbabayad na sila sa kanilang kasalanan....
Cocolife seeks to suspend proceedings of coco levy civil
The Sandiganbayan earlier took cognizance of the Supreme Court (SC) ruling ordering that the Coconut Industry Investment Fund Oil Mills Group (CIIF-OMG) companies and shares be turned over to the government for the benefit of coconut farmers. However, several motions for reconsideration were filed before the anti-graft court. Cocolife, in
CIIF seeks slice of coco levy fund Daily Tribune
The anti-graft court’s ruling comes four years after the Supreme Court ruled with finality affirming the 2004 decision of the Sandiganbayan declaring the government as owner of the coco levy fund. In that decision, the Sandiganbayan ordered all income earned by the 20 CIIF companies and the more than 753 million preferred shares in SMC should be used for the benefit of the coconut industry.
SC junks UCPB’s claim on P60-billion coco levy shares
SC junks UCPB’s claim on P60-billion coco levy shares More In a 30-page decision released yesterday, the high court unanimously ordered the dismissal of the petition of UCPB and Cocolife before the Makati City regional trial court claiming a portion of the 24-percent block of SMC shares registered under Coconut Industry Investment Fund (CIIF), which the SC had declared part of
Coconut levy cases; SC junks UCPB, Cocolife claims on
“Having resolved that subject matter jurisdiction pertains to the Sandiganbayan and not the RTC, and that the petitions for declaratory relief are barred by our Jan. 24, 2012 decision which settled with finality the issue of ownership of the CIIF oil mills, the 14 holding companies and CIIF SMC block of shares, we deem it unnecessary to address the other issues presented,” the SC ruled.
UCPB to 'exhaust all legal remedies' to keep shares in
RIGHTS. UCPB says it has rights to its minority shares of stock in the CIIF Oil Mills, and indirectly, in an 11% portion of the sequestered San Miguel Corporation shares, "which were ruled to be
UCPB, Cocolife insist CIIF companies only BusinessMirror
The SC held the trial court has no jurisdiction to hear and resolve suits involving sequestered coco-levy assets and coco-levy funds. The Court noted that under Section 4 (c) of Presidential
Sandiganbayan denies Danding's bid to dismiss ill-gotten
The ruling was penned by Civil Case 0033-D on the “disadvantageous purchases and settlement of the accounts of the oil mills out of coco-levy funds” Civil Case 0033-H on P650 million worth
Digest REPUBLIC VS. SANDIGANBAYAN- G.R. NO.
FIRST DIVISION G.R. NO. 118661, January 22, 2007 REPUBLIC OF THE PHILIPPINES, PETITIONER, VS. SANDIGANBAYAN (FIRST DIVISION), EDUARDO M. COJUANGCO, JR., PHILIPPINE COCONUT PRODUCERS FEDERATION, INC., MARIA CLARA L. LOBREGAT, AND THE CORPORATE SECRETARY OF THE SAN MIGUEL CORPORATION, RESPONDENTS. D E C I S I O N GARCIA,
coconut levy or accruing from the coconut levy assets in the Special Account in the General Fund for Coco Levies with the Bureau of Treasury with respect to the 753,848,312 Converted SMC Series I Preferred Shares, including all dividends, declared, paid or issued after 17 September 2009 proceeds from the redemption on 05 October 2012, and all income, interest, or profits derived from these
POLITICAL LAW REVIEW BLOG: ozoa
Cojuangco and his ACCRA lawyers used the funds from 6 large coconut oil mills and 10 copra trading companies to borrow money from the UCPB and purchase these holding companies and the SMC stocks. Cojuangco used $150 million from the coconut levy. Herein defendant specifically denies the allegations including any insinuation that whatever association he may have had with the
[G.R. No. 166859 : April 12, 2011] REPUBLIC OF THE
After the Sandiganbayan denied their motion, they elevated their cause to this Court, took more money from the very corporations/oil mills in which part of those coconut levy funds (the CIIF) was placed treating the funds of UCPB and the CIIF as his own personal capital to buy `his' SMC shares." We cannot agree with the plaintiff's contention that the defendant's statements in his Pre
San Miguel Corp. (SMC) BusinessWorld
INVESTORS UNLOADED shares in San Miguel Corp. (SMC) last week after a court ruling ordering the return of assets acquired by several firms through the coconut levy fund, which include shares of the diversified conglomerate. SMC was the ninth most traded stock in terms of value turnover last week, with around 6.82 million shares worth P1.022 billion exchanging hands from Dec. 10-14, data from
LIONG CASE DIGEST FOR FINALS POLITICAL LAW BLOG
The coconut levy funds were considered as government funds since this came from contributions from the coconut farmers with the purpose of improving and stabilizing the coconut farming industry, however these were said to be privatized under presidential directives of then Pres. Marcos. Defendant Cojuangco Jr., being close with the Marcoses is said to have taken undue
New hearings on coco levy fund set Inquirer Business
The Sandiganbayan has ordered a new round of hearings on the Coconut Industry Investment Fund (CIIF), known as coco levy funds, 14 years after the Supreme Court ruled that the funds were owned by
Press Release No need for compromise deal on coconut
According to Pimentel, the Sandiganbayan ruling on the ownership of the 27 percent shareholding in the SMC applied to six coconut oil mills and 14 companies. The minority leader warned that a compromise agreement at this time would only push back the governments prolonged efforts to recover the coconut levy assets. He said this would also
TIRSO ANTIPORDA v. SANDIGANBAYAN
Acting on the motion to withdraw, the Sandiganbayan, on April i.e., the coconut levy funds were "clearly affected with public interest," was similar to the rationale for the April 14, 1993 Resolution in G.R. No. 104850, i.e., the prima facie determination that the funds used in putting up the corporations that invested shares in the SMC were "ill-gotten wealth" within the contemplation of
SC seeks PCGG side on plea over SMC shares bought with
SC seeks PCGG side on plea over SMC shares bought with coco levy money Published 2015-10-07 16:13:54 Updated The Supreme Court has ordered the Presidential Commission on Good Government (PCGG) to comment on a motion to overturn an Aug. 11, 2015 decision on a portion of the 24-percent bloc of shares in San Miguel Corporation (SMC) bought with funds from the coconut levy.
Tillers reject Aquino plans to take over coco levy funds
“The SC decision reaffirming small coconut farmers’ legitimate ownership of the coco levy funds is a welcome development and an initial victory for small coconut farmers,” said KMP deputy secretary general Randall Echanis. “So long as the coco levy funds remain in the SMC coffers and under the control of Aquino’s uncle, the fight to recover the funds continues.”
Slash the Coco Levy Gordian Knot Inquirer Opinion
With controlling interest in the UCPB, six oil mills under the Coconut Industry Investment Fund (CIIF) are acquired, and fourteen holding companies are then formed as subsidiaries. Using coco levy funds borrowed from UCPB that are allegedly owned by the farmers of COCOFED, the fourteen holding companies purchase shares of stock in San Miguel Corporation to the tune of PhP1.6 billion.
UCPB on ‘coco shares’ Inquirer Opinion
1) The coco levy funds are public funds. If these were used to acquire assets, then (3) all assets acquired using coco levy funds are public funds. It is therefore wrong to say that the assets acquired with private funds are covered by the Sandiganbayan and Supreme Court decisions. UCPB’s present legal action seeks clarification precisely
Dispositive part of the COCOFED decision of the
the court affirms the resolutions issued by the sandiganbayan on june 5, 2007 in civil case no. 0033-a and on may 11, 2007 in civil case no. 0033-f, that there is no more necessity of further trial with re spec t to the issue of ownership of (1) the sequestered ucpb shares, the ciif block of smc shares, and (3) the ciif companies. as they have finally been adjudicated in the aforementioned
G.R. No. 134990 April 27, 2000 MANUEL M. LEYSON, JR. v
Sandiganbayan 5 have declared that the coconut levy funds are public funds then, conformably with Quimpo v. Tanodbayan, 6 corporations formed and organized from those funds or whose controlling stocks are from those funds should be regarded as government owned and/or controlled corporations. As in the present case, since the funding or controlling interest of the