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By Francis Earl A. Cueto Reporter
THE Presidential Commission on
Good Government is looking at a 75-25 sharing or a P65-billion
settlement over the coconut levy fund, in a move said to finally
settle the more than two decade old case now worth P89 billion.
PCGG Commissioner Narciso Nario
said the P65 billion, which is only an assumption, would be the
minimum amount the government will accept. He said the government
share could still go up or increase defending on the amicable
settlement that is acceptable to all parties.
Nario is referring to the 27
percent sequestered share at the food and beverage giant San Miguel
Corp. (SMC) worth P54 billion (SMC) and the other 20 percent, the
so-called Cojuanco bloc, valued at some P35 billion allegedly owned
by SMC chief operating officer and Marcos crony Eduardo
“Danding” Cojuangco.
He also disclosed that
among the “working parameters” for the compromise deal was the
suggestion of putting up a foundation.
He said the foundation will
manned by at least 15 directors with seven coming from the farmers
and eight from the government to complete the composition of the
board.
“Our figure is an approximation
but in that neighborhood [referring to P65 billion],” Nario said
expressing hope that a compromise deal will finally be reached.
Asked why and what is the basis
for PCGG pegging the amount at P65 billion Nario said “in a
settlement there must be give and take . . . not all the amount will
go to the government.”
“In a compromise, because one
party would claim owning so many shares with government making a
similar claim, instead of spending something like 21 years of
deliberations, we might as well come up with an acceptable sharing
of these assets.” Nario added.
Nario revealed that the PCGG have
been meeting continuously to arrive at an acceptable settlement
involving the 27 percent SMC shares and the 20 percent (Cojuangco
bloc) principally.
“We have our timeline, which
we’d rather not divulge just yet, but it is in the near future. We
have in fact started drafting the terms and condition of the
amicable settlement to be submitted to the Sandiganbayan. Sooner or
later we will come up with the realization of this project,”
explained Nario.
Chairman Camilo Sabio, for his
part, disclosed that the PCGG already asked the Office of the
Solicitor General (OSG) to work on the draft of the compromise
agreement.
“The Commission will go over it
[draft compromise settlement] and if it’s ok the Commission will
present it to the farmers and the defendants in the cases, including
and especially the group of Ambassador Cojuangco.” Sabio said.
Sabio likewise dismissed the
belief that the government already won the case pertaining to the 27
percent when the Supreme Court declared it as “prima facie”
public funds.
He said although the High Court
made such decision, the case was remanded to the Sandiganbayan
directing that there be a trial on the merits of the case.
“Now it has taken us 20
years just for government to present its case,” said Sabio.
“With four defendants individually presenting their case, it could
take at least probably another 20 years.”
He added that negotiations for a
compromise deal was due to the initiative of coconut farmers,
assisted by Bishop Fernando Capalla of Davao, who asked President
Macapagal intercession after expressing their desire for the
settlement of the coco-levy fund controversy in their “life
time.”
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