MANILA
In a case filed in July 1987, the Philippine Government (PH) pursued business tycoon Lucio Tan on allegations that some of his companies have stocks forming part of the ill-gotten wealth of the late President Ferdinand Marcos.
The companies involved in the case include Asia Brewer Inc., Allied Banking Corp., Foremost Farms, Himmel Industries Inc., Grandspan Development Corp., Silangan Holdings Inc., Dominium Realth and Construction Corp., Shareholdings Inc., and Fortune Tobacco Corp. (FTC).
In a case filed in July 1987, the Philippine Government (PH) pursued business tycoon Lucio Tan on allegations that some of his companies have stocks forming part of the ill-gotten wealth of the late President Ferdinand Marcos.
The companies involved in the case include Asia Brewer Inc., Allied Banking Corp., Foremost Farms, Himmel Industries Inc., Grandspan Development Corp., Silangan Holdings Inc., Dominium Realth and Construction Corp., Shareholdings Inc., and Fortune Tobacco Corp. (FTC).
Fortune Tobacco Corp.
The state alleged that 60 percent of the FTC stocks are actually part of the Marcos ill-gotten wealth.
In 2010, a new tobacco company, Philip Morris Fortune Tobacco Corp. Inc. (PMFTCI), was created as a joint venture between Philip Morris (50.4%) and Fortune Tobacco Corp. (49.6%). Tan sits as chairman of both FTC and PHFTCI. The new venture has caused confusion on the part of the prosecutors who alleged that the new venture instead was a merger, dissolving FTC in the process. But the Sandiganbayan disagreed.
(Photo courtesy of Forbes.com)
Source
Macon Araneta: "Sandigan says Philip Morris merger not a done deal," Manila Standard Today 21 March 2011
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