Government, Danding near accord on SMC posts

The government and the camp of Eduardo ‘Danding’ Cojuangco may be able to complete in a week or so an agreement that will ensure the representation of minority groups in food and beverage giant San Miguel Corp. (SMC).

This was announced yesterday by Trade and Industry Secretary Manuel Roxas II who said that the two parties are now in the final stages of documenting the agreements that will ensure seats for the government as well as those of the small coconut farmers in SMC.

"We are targeting closure in the next week or so, if not earlier," Roxas said.

According to the trade and industry chief, government will get five board seats in SMC plus a seat each for the Social Security System (SSS) and the Government Service Insurance System (GSIS).

Under the agreement, government will be assured representation in all committees of SMC as well as its subsidiaries. Such representation will ensure that government is aware of all decisions made in SMC.

At the same time, Roxas said he has also reviewed Japan’s Kirin Brewery Co. Ltd.’s investments in SMC.

Based on his review, Roxas said, "they seem to be in order."

Roxas was assigned by President Arroyo to review the SMC deal with Kirin, replacing Finance Secretary Jose Isidro Camacho who was accused of having a conflict of interest since Camacho was formerly with Deustche Bank which brokered the investment of Kirin in SMC.