RP gets 27% of San Miguel

RP gets 27% of San Miguel

MANILA: A court ruling has delivered the government a major victory in its fight to wrest control of Philippines food and drink giant San Miguel Corp. from Eduardo Cojuangco, a key crony of the late dictator Ferdinand Marcos, an official said on Saturday.

The Sandiganbayan anti-graft court ruled that at least 27 percent of San Miguel Corp. belonged to the government of President Gloria Arroyo and not to Cojuangco, the San Miguel chairman.

It was a giant boost for Arroyo, 57, just ahead of presidential elections on May 10 in which she is running for another term against opposition candidate, movie star Fernando Poe, 64, who is backed by many former Marcos men. -- AFP