‘The inconsistencies in the statements of the Chief Justice insult even a moron.’

Corona may have used power for wife

AMADO P. MACASAET

THE first wonder of it all is how Basa-Guidote Enterprises, a dissolved corporation, could have advanced P11 million to a stockholder. Cristina R. Corona, wife of the impeached Chief Justice.

We maintain that the advances may be considered in two ways. First, as a cash dividend from the profits of the corporation which have not been given to other stockholders in proportion to the number of shares they held.

Second, dividends are considered income and therefore subject to tax. There is no record that the advances, treated as obligation if it were not to be classified as such, were listed as a liability in the joint statement of assets, liabilities and net worth of the spouses Renato Corona and Cristina Roco.

If the money was treated as income, a tax should have been paid. The money does not appear as an income (if considered as dividend) or a liability (if classified as advances as the Coronas claim). The failure or refusal to have the amount included in the joint SALN implicates Chief Justice Corona.

The other problem of Mrs. Corona which could fall on her husband is a possible violation of Corporation Code which says that no corporation shall distribute any of its assets or property except upon lawful dissolution and after payment of its debts and liabilities.

We are not privy to the debts and obligations of BGEI. But we dispute the idea of advances treated as dividend and therefore income because the rest of the stockholders were not given advances or dividends.

The history of BGEI is sad and long. There was a series of events that appear to have benefited only Mrs. Cristina R. Corona. She reaped the benefits including winning a libel case filed against her by the Basa-Guidotes when her husband was either chief of staff or executive secretary of Gloria Arroyo, She was later to appoint him associate justice of the Supreme Court and eventually Chief Justice during a period prohibited by the Constitution.

There is no proof that Mr. Corona used his powers during the Arroyo administration but suspicions all point to that. Power – political power at that because Mr. Corona is a presidential appointee as chief legal counsel and on to be associate justice of the High Tribunal and finally its Chief Justice – scares lesser minions.

They prefer to oblige the powerful rather than defy them even if they know that defiance is the proper action because it sits with law. On the other hand, obeisance is an investment in the future.

As relevant is the question of how Cristina Roco, daughter of Asuncion Basa and Vicente Roco who were original stockholders of Basa-Guidote Enterprises registered with the Securities and Exchange Commission on May 30, 1961 acquired control of BGEI.

It was automatically dissolved for non-compliance with SEC rules including submission of general information sheet.

The spouses Asuncion Basa and Vicente Roco had a combined capital contribution of P5,500 from capital subscriptions of 22,000 shares. The company had authorized capital of P1 million at the time of incorporation.

Rosario Guidote vda de Basa had the biggest stake equivalent to a subscription of 134,000 shares out of which she paid P33,500.

There is no document that remotely indicates that Cristina Roco, married to Chief Justice Renato Corona, bought or by whatever manner acquired, all or at least control of the corporation.

One proof is that she signed an absolute deed of sale on behalf of BGEI for a piece of property in Sampaloc, Manila with an area of slightly more than 1,000 square meters for which she was paid P34 million.

The questionable parts of this negotiated sale are the language of a city of Manila Ordinance saying the property is owned by Basa Mercantile and that the asset is for expropriation.

Mrs. Corona entered into an absolute deed of sale without authority from BGEI. She could not have obtained authority since the company had been dissolved long before the negotiated sale, not expropriation as so stated in an ordinance, was consummated.

The takeover of BGEI by Mrs. Corona, obviously without the consent of the rest of the stockholders is now the subject of a bitter dispute between and among the Basa and Guidote families.

One of the Basas is willing to testify in the impeachment court. She will detail what she earlier described as oppression on her and her family by Cristina Roco Corona.

The impeachment trial laid bare two things: the demeanor or character of the Chief Justice and what appears to be skeletons in the conjugal closet.

It also turned out that the Chief Justice has or had 35 firearms in his name. They are estimated to be worth close to P4 million. The value of the guns is not listed in the SALN either. Neither are the advances which, literally interpreted, is an obligation to a dissolved company.

The Chief Justice has mounted a not-too-spirited media campaign but refuses to explain his dollar deposits beyond saying he will explain them in due time while his lawyers try hard to suppress them as evidence.

The inconsistencies in the statements of the Chief Justice insult even a moron.