Coconut control; Manila court rules on bank shares

Article Abstract:

Eduardo Cojuangco, a Philippine presidential candidate, has been reinstated by the Supreme Court as the controlling shareholder of United Coconut Planters Bank (UCPB) and through UCPB, control of San Miguel Corp (SMC). However, a stocholders' meeting must first be called by UCPB before the ruling can be implemented. Since all UCPB shares are sequestered by the government, only the Sandiganbayan can call a meeting. Government officials are expected to postpone the stocholders' meeting until after the May 11, 1992, elections to prevent Cojuangco from gaining control of UCPB and SMC and to deny him financial support for his presidential candidacy.

Cases, Securities, San Miguel Corp., Bank stocks, Cojuangco, Eduardo, United Coconut Planters Bank

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White elephant stirs; Manila's deal with Westinghouse may not stick

Article Abstract:

A tentative compromise agreement between the Philippines and Westinghouse Electric Corp (WEC) on the rehabilitation of the Bataan nuclear power plant may fail as it may not be confirmed by the new administration. The confirmation deadline is Jul 30, 1992, while the Aquino administration ends on May 11, 1992. The new administration will most probably set aside confirmation of the unpopular contract which calls for the Philippine government to drop its suit against WEC in exchange for cash, equipment and discounts. It also stipulates WEC management of the plant for the next 30 years.

Transformers, except electronic, Household refrigerators and freezers, Contracts, Nuclear power plants, Westinghouse Electric Corp.

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The Bataan papers: Manila concludes debt agreement

Article Abstract:

The Philippine government has settled its dispute with creditor banks over the financing of the Bataan nuclear-power plant and has rescheduled a US$5 billion debt. The government has refused to operate the nuclear plant because of alleged fraud in the plant's bidding and because of construction defects. Under the plan, US$344 million of nuclear-plant debt would be converted into bonds. The government may still, however, sue banks implicated in loan fraud.

International aspects, External debt relief, Debt relief

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