THE Commission on Audit has thrown out a P650-million petition for payment of dividends filed by a claimant who introduced himself as an heir of an owner of stock certificates in four coconut oil mills created under the Coconut Industry Investment Fund (CIIF).
In a five-page decision released last September 19, the COA Commission Proper held that the claim is invalid for failing the basic requirement that it should be supported by complete documentation.
Claimant Macrino Angeles introduced himself as the heir of Dioscoro Angeles who was the registered owner of stock certificates in the Legaspi Oil Company Inc. (67 shares), San Pablo Manufacturing Corp. (32 shares), Southern Luzon Coconut Oil Mills Inc. (29 shares), and Granexport Manufacturing Corp. (seven shares).
There were two other coconut oil mills under the CIIF — Cagayan de Oro Oil Co. Inc. (CagOil) and Iligan Coconut Industries Inc. (IliCoco). Angeles did not present any stock certificates indicating ownership of shares in them.
The petitioner said the CIIF case has been resolved with finality as of Dec. 10, 2014, hence he is already entitled to payment of P650 million in dividends.
The CIIF Oil Mills Group (CIIF-OMG) opposed the claim, noting that in the COCOFED case, the Supreme Court ruled that the shares in companies under CIIF-OMG are owned by the government and cannot be categorized as private properties.
Likewise, it said the claimant was not the real party in interest because he has failed to prove that he has a legal right over the shareholdings.
The COA Corporate Government Sector – Cluster 5 director pointed out that the validity of the claim cannot be determined on the basis of receipts, invoices and other documents submitted by the claimant.
In denying the petition, the COA held that there has been no valid transfer of shareholdings in favor of the claimant, which would have shown that he has a legal right enforceable against CIIF OMG.
“There being no proof or evidence submitted that he is one of the heirs, and the fact of death of Mr. D. Angeles, this Commission finds that Mr. M. Angeles is not a real party in interest,” the commission said.
With the Supreme Court’s pronouncement that the shareholdings in oil mill companies are owned by the government, no private individual can assert legal rights over the shareholdings.
“The subject shareholdings are public funds which are owned by the government. These funds shall be used only for the public purpose for which they were established, that is, for the growth and development of the entire coconut industry and not for other purposes,” COA said.
It underscored the lack of any proof that Macrino and Dioscoro are even related to each other, or even that the latter Angeles had in fact died.
