In the wrong, totally
| FRONTLINE |
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| Ninez Cacho-Olivares |
Danding Cojuangco has always been the legitimate owner of the San Miguel Corp. shares of stock and all those anti-Danding groups—esepcially the so-called farmers’ group, many of whom are not really coconut farmers but hired workers in coconut plantations, including the government officials who wrongfully sequestered Danding’s shares, know it. Yet they continue to claim that the shares are not his, and that he had obtained these shares through the United Coconut Planters Bank (UCPB), insisting that the shares are part of ill-gotten wealth.
These groups have slammed the Supreme Court ruling that said the SMC shares were not obtained illegally and that Danding is the legitimate owner of those shares, amounting to some 20 percent.
Anybody in his right mind certainly knows that if one borrows money from a bank to buy anything for himself or a corporation, for that matter, that bought asset—whether shares of stock or real property—belongs to the borrower, as long as he pays off his loans, interest and principal that the bank charges.
Just because Danding took out a bank loan to buy the shares of stock of San Miguel, does not translate to these bought shares of stock in SMC as having been ill-gotten..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/commentary/20110625com2.html
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