Wednesday, August 08, 2007 P4B added to bank from sale of conglomerate’s shares held by bizman
A TOTAL of P4.786 billion was recently added to the assets of United Coconut Planters Bank (UCPB) courtesy of proceeds from the sale of more than 56 million class B shares of San Miguel Corp. (SMC) held by businessman Eduardo M. Cojuangco Jr. and his companies.
In a manifestation filed with the Sandiganbayan First Division on Tuesday, Cojuangco reported that the P3.386 billion representing the balance of the purchase price of the subject SMC shares was settled by SMC Retirement Plan last July 16.
The Retirement Plan bought the shares for P4.786 billion net of charges last May 18. Five days later, the buyer made an initial payment of P1.4 billion, which was later given to UCPB as payment for the outstanding balance of loans obtained by Cojuangco's firms from the bank.
Cojuangco said the P3.386-billion paid by the Retirement Plan also went to UCPB.
The SMC chairman attached to his manifestation a letter from the UCPB acknowledging receipt of the payment.
The anti-graft court had earlier allowed Cojuangco and his companies to sell the 56 million Class B SMC shares and the proceeds of the sale to be used for payment of outstanding balance of loans obtained by his firms from UCPB.
The shares form part of the 20 percent block of SMC shares of stock held by Cojuangco being claimed by government to have been bought with coconut levy funds, which the Supreme Court (SC) had declared as prima facie public funds. (Sunnex)
