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By Jomar Canlas, Reporter
BY adhering to Chinese tradition
of sharing the fruits of his labor to relatives, the founder of
Green Cross Rubbing Alcohol has lost the tree that bore the fruits.
In a bid to recover ownership of
Green Cross, Gonzalo Co, founder of the manufacturing company that
produces rubbing alcohol and other disinfectant products, has filed
criminal charges with the National Bureau of Investigation against
members of his family who he accused of swindling him of his shares
and ousting him from the company.
Based on Co’s complaint, the
NBI filed the case with the Department of Justice.
Chinese tradition
Under oath, Co told DOJ
prosecutors that he had entrusted only 4.285-percent shares of the
company to family members and had kept 95.715 percent of the shares
for himself. He said that is the Chinese way of sharing the fruits
without giving away the tree.
But Co pointed out that the tree
was also taken away from him, forcing him to file criminal charges
against his relatives.
Illegal transfer of shares
He said evidence would show that
his siblings’ shares were transferred illegally, citing the
transfer of 100 shares to Peter Co from a family member who owned
only five shares of the company.
Another 100 shares also illegally
went to Peter although the vendor, Anthony Co, owned only 15 shares,
Co alleged.
Mary Co-Cho’s transfer of 100
shares to Joseph Co is also invalid because she only had 5 shares in
her name based on the Articles of Incorporation, according to Co.
P70,000 capital
He said his supposed transfer of
shares to Peter and other family members did not have their
acceptance, a condition precedent under the law. He also alleged
that spurious stock certificates had also been issued on separate
occasions.
Co said that he alone paid the
entire P70,000 capital of Green Cross in 1970 as shown in his
siblings’ evidence submitted to the justice department.
Only boarders
He said he had entrusted 5 shares
each to his mother, brother Joseph and his sister Mary, and 15
shares to Anthony, who was living in a house that Co had built. His
siblings were only boarders of their parents, he said.
Co had filed a complaint with the
National Bureau of Investigation (NBI) for estafa, falsification and
tax evasion against his family members. The NBI filed Co’s
complaint with the DOJ.
All in the family
Named respondents are Antonio Co,
Peter Co, Mary Cho, So Hua Co, Nancy Co, Michel Anthony Co, Ann
Marie Imperial, Joanna Liza Yap, Jim Lewis Co, Nessie Pearl Chan,
Sandy Chan, Mark David Cho and Dick Milton Cho.
The NBI also recommended an
investigation of the respondents by the Antimoney Laundering
Council.
P3-billion worth of properties
In his complaint, Co claimed that
there is an estimated P3-billion worth of properties and buildings
in the names of Green Cross, Common Goal and his relatives.
Green Cross was founded by Co’s
father Co Ay Tian on June 16, 1952. It was incorporated in 1971.
Single enterprise
Co said the company was called
Gonzalo Laboratories because he founded the same as a single
enterprise, with a capital of P3,300. He said he hired his relatives
to work in his company and was convinced to convert his single
proprietorship into a corporation, thus, giving the respondents a
chance to take over the business.
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