This case has been cited 2 times or more.
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2001-12-14 |
PANGANIBAN, J. |
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| The "public character" test was reiterated in many subsequent cases; most recently, in Antiporda v. Sandiganbayan.[37] Expressly citing Cojuangco-Roxas,[38] this Court said that in determining the issue of whether the PCGG should be allowed to vote sequestered shares, it was crucial to find out first whether these were purchased with public funds, as follows:"It is thus important to determine first if the sequestered corporate shares came from public funds that landed in private hands."[39] In short, when sequestered shares registered in the names of private individuals or entities are alleged to have been acquired with ill-gotten wealth, then the two-tiered test is applied. However, when the sequestered shares in the name of private individuals or entities are shown, prima facie, to have been (1) originally government shares, or (2) purchased with public funds or those affected with public interest, then the two-tiered test does not apply. Rather, the public character exceptions in Baseco v. PCGG and Cojuangco Jr. v. Roxas prevail; that is, the government shall vote the shares. | |||||
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2001-12-14 |
PANGANIBAN, J. |
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| "It is thus important to determine first if the sequestered corporate shares came from public funds that landed in private hands."[39] In short, when sequestered shares registered in the names of private individuals or entities are alleged to have been acquired with ill-gotten wealth, then the two-tiered test is applied. However, when the sequestered shares in the name of private individuals or entities are shown, prima facie, to have been (1) originally government shares, or (2) purchased with public funds or those affected with public interest, then the two-tiered test does not apply. Rather, the public character exceptions in Baseco v. PCGG and Cojuangco Jr. v. Roxas prevail; that is, the government shall vote the shares. | |||||