ADVERTISEMENTThis will implement its May 7, 2004, partial summary judgment upheld by the Supreme Court on Jan. 24, 2012. Ordered transferred to the government were six companies known as CIIF Oil Mills Group (CIIF-OMG) and its 14 holding companies, and the holding companies’ 753.85 million shares worth P71.04 billion in San Miguel Corp. (SMC). CIIF-OMG and the holding companies said it would be “illegal and grossly inequitable” to turn over their SMC shares—their sole asset and means of settling debts. Compromise nixedADVERTISEMENTThe Sandiganbayan denied Cocolife’s September plea to suspend the proceedings and give it a chance to negotiate a compromise with the government. The Supreme Court decision became final and executory on Dec. 10, 2014.

Source: Philippine Daily Inquirer December 09, 2018 23:15 UTC