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Sen. Wigberto Tañada’s statement on the Supreme Court’s Decision on the 20% SMC Shares

TANADA, VIVO & TAN

Attorneys & Counsellors At Law

PRESS STATEMENT

June 24, 2011

It was unanimously decided in our meeting yesterday that we will be filing a 2nd Motion for Reconsideration with the Supreme Court.

We strongly believe the Supreme Court again has committed a most serious error that will result in a gross miscarriage of justice to the millions of coconut farmers, as well as to the Coconut Industry.

There are more than substantial evidence on record and of public notice, and there are the judicial admissions of Mr. Eduardo Cojuangco, Jr. and his lawyer Atty. Estelito Mendoza, that competently prove the 20% SMC were acquired by Mr. Eduardo Cojuangco, Jr. with coconut levy funds which are public funds and therefore said shares must be returned to the Government in trust for the coconut farmers. Furthermore, Mr. Eduardo Cojuangco, Jr. acquired said shares while he was President and Director of the UCPB, Director of the CIIF Oil Mills and Director of the Governing Board of the PCA, as admitted by Mr. Eduardo Cojuangco, Jr. himself, thus clearly establishing his fiduciary duties and obligations under the law.

With regard to Mr. Eduardo Cojuangco, Jr. being a close associate of Ferdinand Marcos, it truly is unbelievable and incredulous how the Supreme Court could have found he was not so. If only the Supreme Court had taken pains in going over the records of the case such as the Commission on Audit Report dated June 3, 1986 of Atty. Raul C. Flores, which showed, among others, how ₱840M from the Coconut Levy Fund were siphoned to Agricultural Investors, Inc. (A.I.I.), a corporation owned by Mr. Eduardo Cojuangco, Jr., which had a paid-up capital of only ₱100,000.00. And how could the Supreme Court forget its own decision in the case of Republic vs. Estate of Hanz Menzi (476 SCRA 20) where the Supreme Court affirmed the Sandiganbayan’s decision that the Bulletin shares registered in the name of Mr. Eduardo Cojuangco, Jr. were found to be Marcos’ ill-gotten wealth.

Totoo nga na dito sa ating Bansa patuloy ang “justice is tilted against the poor” tulad ng nasabi na ni ex-Supreme Court Chief Justice Reynato Puno. At kaya di nakakapagtaka na nakapagbitaw si Ex. Supreme Court Justice Carpio Morales ng salita na “biggest joke to hit the century”.

(Sgd.) Atty. Wigberto E. Tañada

Sen.Wigberto E. Tañada is the current Chairman of the Board of Trustees of the Philippine Rural Reconstruction Movement.

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