In a ruling of the Supreme Court (SC) en banc written by Associate Justice Presbitero J. Velasco Jr. dated Nov. 27, 2012 and with a vote of eight justices and six inhibitions, the SC denied the petition of Cojuangco questioning the ruling of the Sandiganbayan in July 2003 which declared that the subject shares as part of assets were illegally acquired from coconut levy funds.
coco levy fund
Presidential Task Force Delegated To Resolve Issues On Coco Levy Fund After SC’s Final Ruling
The controversial coco levy fund came from taxes imposed on coconut farmers during the Martial Law regime by alleged cronies of the former dictator President Ferdinand Marcos.