House prosecutor Rep. Terry Ridon on Tuesday dismissed Vice President Sara Duterte’s explanation regarding the corporate structure of GenCorp Industries Inc. and Metro City Chow Foods Corporation, saying her legal argument would not change the implications of her reported shareholding.
During a House prosecution press conference, Ridon argued that owning shares in a company gives a shareholder a proportional ownership interest in its assets, disputing Duterte’s position that share ownership does not automatically mean ownership of a fast-food franchise.
“Hindi po nabobola ang tao dito. Malinaw na kapag ikaw ay shareholder ng isang kumpanya, ikaw din po ang may-ari,” Ridon said.
He further argued that if Duterte held a 20% stake in a company operating a franchise, she would have a corresponding ownership interest in that company.
“’Wag ho tayong inaabogado ng ating pong pangalawang pangulo,” Ridon added, referring to Duterte’s legal background and bar examination rating.
His remarks followed lead prosecutor Rep. Gerville Luistro’s call for Duterte to directly address allegations concerning her reported GenCorp shareholding before the Senate Impeachment Court.
The prosecution has cited the vice president’s 2022 and 2023 Statements of Assets, Liabilities, and Net Worth (SALNs) in arguing that she declared herself a shareholder of GenCorp. Duterte’s reported ownership and its implications for the fast-food franchise remain matters of dispute.
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