MANILA, Philippines — Junking all appeals seeking a reversal or modification of the anti-graft court’s Aug. 7, 2018 ruling, the Sandiganbayan has affirmed its decision awarding P83 billion in coco levy assets to the state. In a decision dated Dec. 3, 2018, the Sandiganbayan denied the motions for reconsideration filed by United Coconut Planters Life Assurance Corp. (Cocolife) and other firms for lack of merit. Magistrates said the affected firms only repeated or rehashed their arguments that have already been discussed and considered by the anti-graft court. “In this case, the parties presented the same arguments that have already been judiciously passed upon and properly considered by the court in its assailed resolution,” the decision added. The high tribunal declared that the CIIF is a “public fund,” which means the firms created through it, including all their assets must be reconveyed to the government.

Source: Philippine Star December 09, 2018 16:19 UTC