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San Miguel Corp. etal vs. Ernest Khan, etal.

SAN MIGUEL CORPORATION, represented by EDUARDO DE LOS ANGELES, petitioners, vs. ERNEST KHAN, ANDRES SORIANO III, BENIGNO TODA, JR. ANTONIO ROXAS, ANTONIO PRIETO, FRANCISCO EIZMENDI, JR., EDUARDO SORIANO, RALPH KARR And RAMON DEL ROSARIO, JR., respondents.

G.R. No. 85339 | 1989-08-11

D E C I S I O N


NARVASA, J.:

On December 15, 1983, 33,133,266 shares of the outstanding capital stock of the San Miguel Corporation were acquired 1 by fourteen (14) other corporations, 2 and were placed under a Voting Trust Agreement in favor of the late Andres Soriano, Jr. When the latter died, Eduardo M. Cojuangco, Jr. was elected Substitute Trustee on April 9, 1984 with power to delegate the trusteeship in writing to Andres Soriano III. 3 Shortly after the Revolution of February, 1986, Cojuangro left the country amid "persistent reports" that "huge and unusual cash disbursements from the funds of SMC" had been irregularly made, and...