THE militant peasant group Kilu-sang Magbubukid ng Pilipinas (KMP), on Tuesday, hailed the Supreme Court (SC) decision, upholding Sandiganbayan’s decision in 2004 that the 7.22-percent share of the United Coconut Planters Bank (UCPB) transferred to Eduardo “Danding” Cojuangco Jr., were owned by the government.

The group, however, asked how much of the coco levy funds were left in the bank after the UCPB suffered losses in 11 consecutive years of about P30 billion and dared President Benigno Aquino 3rd to run after the bank’s officials.

“The SC ruling did not only strengthen the small coconut farmers’ legitimate claim over the 72.2-percent share in UCPB but reaffirmed the historical truth that President Aquino’s uncle plundered the coco levy funds,” KMP deputy secretary general Willy Marbella said in a statement.

In a ruling written by Associate Justice Presbitero Velasco Jr., the court en banc declared null and void the May 25, 1975, agreement between Philippine Coconut Administration (PCA) and Cojuangco that provides for the transfer, by way of compensation, to the businessman of 10-percent or 7.22 percent out of the 72.2 percent, First United Bank—now UCPB—shares of stocks that the PCA purchased using the coconut-levy funds.

The court noted that Cojuangco, in effect, received public assets with a value then of P10a.88 million, considering his admission that the PCA paid for the entire acquisition price for the 72.2 percent shares out of the Coconut Consumers Stabilization Fund.

Marbella, meanwhile, urged Aquino’s administration to run after UCPB officials mainly responsible for allegedly “plundering the coco levy funds.”

“These so-called bad loans are equal to systematic plunder of the coco levy funds. The plunderers of the small coconut farmers’ money, from Danding to UCPB officials, all of them, including self-proclaimed coconut farmers’ representatives in the UCPB board must be held responsible,” Marbella said.

The group reiterated its call for the immediate cash distribution of the coco levy funds to small coconut farmers.

“The coco levy funds should be distributed in cash to small coconut farmers and used for socio-economic projects directly managed by small coconut farmers’ organizations and cooperatives,” Marbella said.