Cojuangcos seek rule's reversal (Court 'exceeded its authority' in

Cojuangco-led firm Prime Holdings, Inc. has asked the Supreme Court to reverse its decision that allowed the government to sequester at least 46% of its share in the Philippine Telecommunications Investment Corp. (PTIC), a major stockholder of publicly listed Philippine Long Distance Telephone Co. (...

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Bibliographic Details
Published in:Business world (San Juan, Philippines) Philippines), 2006-03, p.1
Main Author: Ma. Eloisa I. Calderon and Paul C.H. How
Format: Article
Language:English
Subjects:
Cojuangco, Ramon U
Court decisions
Marcos, Ferdinand E
State court decisions
Stockholders
Online Access:Get full text
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Summary:Cojuangco-led firm Prime Holdings, Inc. has asked the Supreme Court to reverse its decision that allowed the government to sequester at least 46% of its share in the Philippine Telecommunications Investment Corp. (PTIC), a major stockholder of publicly listed Philippine Long Distance Telephone Co. (PLDT). The disputed shares held by Prime Holdings represent 46.1250% of the outstanding shares of PTIC, which was the biggest stockholder of PLDT at the time the sequestration case was filed in 1987. The Sandiganbayan earlier denied the plea of the Presidential Commission on Good Government (PCGG) which, since the fall of Mr. [Ferdinand E. Marcos], had been seeking the reconveyance of the 111, 415 PTIC shares held by the Cojuangcos.
ISSN:0116-3930