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Enrile seeks probe of coco levy investment fund 02/24/2011

Thursday, February 24, 2011

Enrile seeks probe of coco levy investment fund

02/24/2011
Senate President Juan Ponce Enrile yesterday pushed for an investigation of the reported P1.5 billion net operating losses incurred by the Coconut Industry Investment Fund Oil Mills Group (CIIF-OMG) from 2005 to 2007.

In filing Senate Resolution 389, Enrile said he wants to find out what actions were taken by the Presidential Commission on Good Government (PCGG) to address the CIIF-OMG’s financial difficulties during the three-year period and to assure the continued preservation and conservation of sequestered assets.

Enrile said the probe also seeks to know why the P1.7 billion representing cash dividends on SMC shares that were paid to the 14 CIIF Holding Companies were caused to be transferred to the CIIF-OMG companies to allegedly cover for the accumulated losses and to settle certain maturing operations of the CIIF-OMG companies with various creditors.

Notwithstanding the fact that a turn-around was made following the appointment of a new leadership in the CIIF-OMG in 2009, leading to positive operating incomes of P82 million in 2009 and P171 million in 2010, Enrile said, an inquiry should be made to determine whether irregularities were committed in the transactions and operations of the CIIF-OMG that resulted in huge losses during the said 3-year period..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/nation/20110224nat4.html

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