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San Miguel: government readies Cojuanco report

A legal study has been prepared which will determine future government moves in its attempt to unseat wealthy businessman Eduardo “Danding” M. Cojuanco, Jr. as San Miguel chairman and chief executive…

A legal study has been prepared which will determine future government moves in its attempt to unseat wealthy businessman Eduardo “Danding” M. Cojuanco, Jr. as San Miguel chairman and chief executive officer. Mr. Cojuangco is a supporter as well as political benefactor of ousted president Joseph Estrada. Mr. Estrada ran for vice-president as Mr. Cojuangco“s running mate in the 1992 presidential election. Mr. Cojuangco now controls over 47% of SMC by virtue of a 20% stake he personally owns as well as a 27% stake in the name of the Coconut Industry Investment Fund which he controls. The Presidential Commission on Good Government sequestered these shares in 1987, for allegedly being ill-gotten, and ousted Mr. Cojuangco as SMC chief. He assumed control over SMC in 1983.

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