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COMPANY
owners of Green Cross alcohol and Zonrox bleach are
headed into legal intramurals with a criminal case filed
by Gonzalo Laboratories founder Gonzalo Co against 13 Co
family stakeholders in a bid to regain control of the
multi-billion-peso firm.
A
complaint of estafa and tax evasion filed by Co with the
National Bureau of Investigation last week has led to
the bureau recommending the prosecution for estafa and
tax evasion of Co’s siblings and several of their
children to the Department of Justice.
The
respondents are Anthony Co, Peter Co, Mary Cho, So Hua
Co, Nancy Co, Michael Anthony Co, Ann Marie Imperial,
Joanna Liza Yap, Jim Lewis Co, Nessie Pearl Chan, Sandy
Chan, Mark David Cho, and Dick Milton Cho.
The NBI
found that from 1996 to 2005, the 13 relatives either
did not file income tax returns or did not declare
various incomes derived from their company, Common Goal,
in their returns.
Co
claims there is an estimated P3 billion worth of
property and buildings in the names of Green Cross,
Common Goal, his siblings and other relatives.
The NBI
also recommended an investigation by the Antimoney
Laundering Council for alleged diversion of Green Cross
Inc. funds to the company of Co’s siblings, Common Goal.
In his
complaint, Co claimed he founded Gonzalo Laboratories in
1952 as a single proprietorship with a capital of
P3,300.
The
first product of Gonzalo Laboratories was Green Cross,
which was introduced in 1952 while Zonrox came out in
1954. The two products then became the flagship brands
of the company.
Co
recounted that he hired his siblings starting with his
brother Anthony in 1966. In 1970, he said his brother
Joseph persuaded him to convert his single
proprietorship into a corporation, which he said gave
his siblings the opportunity to take over the business.
Co said
he assigned 50 percent of the company shares to his
siblings while retaining 50 percent under his name.
However, in February 11, 1978, Co said he was surprised
to learn that his shares were reduced to 25 percent,
even though he did not sign any deed of assignment or
sale on any amount of his shares.
“I can
categorically say that I have not freely, voluntarily,
validly and legally sold any of my shares in the
corporation on or before February 11, 1978,” he said.
When his
parents died, Co said the 33.4-percent share which he
placed in their names by way of implied trust were
divided among his four siblings.
--J.
San Juan |
