This case has been cited 2 times or more.
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2009-09-17 |
VELASCO JR., J. |
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| To the basic motion, respondent Republic filed its Comment questioning COCOFED's personality to seek the Court's approval of the desired conversion. Respondent Republic also disputes COCOFED's right to impose and prescribe terms and conditions on the proposed conversion, maintaining that the CIIF SMC common shares are sequestered assets and are in custodia legis under Presidential Commission on Good Government's (PCGG's) administration. It postulates that, owing to the sequestrated status of the said common shares, only PCGG has the authority to approve the proposed conversion and seek the necessary Court approval. In this connection, respondent Republic cites Republic v. Sandiganbayan[3] where the coconut levy funds were declared as prima facie public funds, thus reinforcing its position that only PCGG, a government agency, can ask for approval of the conversion. | |||||
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2009-09-17 |
VELASCO JR., J. |
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| On September 4, 2009, respondent Republic filed a Supplemental Comment in which it cited the Partial Summary Judgment rendered by the Sandiganbayan on May 27, 2004 in Civil Case No. 33-F, declaring the Republic as owner, in trust for the coconut farmers, of the subject CIIF SMC shares (27%). The same comment also referred to Resolution No. 365-2009 passed on August 28, 2009 by the United Coconut Planters Bank (UCPB) Board of Directors expressing the sense that "the proposed conversion of the CIIF SMC common shares to SMC Series I preferred shares is financially beneficial."[4] Reference was also made to PCGG Resolution 2009-037-756 dated September 2, 2009, requesting the Office of the Solicitor General (OSG) to seek approval of this Court for the proposed conversion.[5] By way of relief, respondent Republic prayed that the PCGG be allowed to proceed and effect the conversion. | |||||