The Philippines plan to inspect the books of food and beer giant San Miguel Corp (SMC) to check on irregular business dealings involving its chairman Eduardo Cojuangco, the Businessworld newspaper sai…
The Philippines plan to inspect the books of food and beer giant San Miguel Corp (SMC) to check on irregular business dealings involving its chairman Eduardo Cojuangco, the Businessworld newspaper said on 20 April. Solicitor General Simeon Marcelo told the newspaper in an interview that the government had the right to inspect SMC records, since it holds at least two seats on the board. State-owned Government Service and Insurance System (GSIS) has a 12% stake in SMC and has one seat. The Social Security System (SSS) has another seat. Marcelo said that, among the questionable transactions, were SMC“s purchase of 93.26% of Pure Foods Corp; the purchase of Coca-Cola Bottlers Philippines Inc; the sale of the water and juice business of La Tondena Distillers Inc; and the assumption of Pso 643 million“s worth of debts of San Miguel Campo Carne.