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PEDRO R. PALTING v. SAN JOSE PETROLEUM INCORPORATED

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GR No. 195580
2014-04-21
NARRA NICKEL MINING v. REDMONT CONSOLIDATED MINES CORP.
VELASCO JR., J.
[T]o what extent must the word "indirectly" be carried? Must we trace the ownership or control of these various corporations ad infinitum for the purpose of determining whether the American ownership-control-requirement is satisfied? Add to this the admitted fact that the shares of stock of the PANTEPEC and PANCOASTAL which are allegedly owned or controlled directly by citizens of the United States, are traded in the stock exchange in New York, and you have a situation where it becomes a practical impossibility to determine at any given time, the citizenship of the controlling stock required by the law.[163]