MANILA, Philippines - The Supreme Court (SC) has created a team of accountants to audit the books of Hacienda Luisita Inc. and Centenary Holdings Inc.
In a resolution released yesterday, the high court approved the nomination of audit firms Ocampo, Mendoza, Leong and Lim and Navarro, Amper & Co. and certified public accountant Carissa May Pay-Penson by farm worker-beneficiaries of Hacienda Luisita.
The panel of auditors “shall determine if the P1,330,511,500 proceeds of the sale of the three lots (covered by the Aug. 14, 1996 conversion order) were actually used or spent for legitimate corporate purposes and is given a 90-day period to complete the audit†and submit a report and recommendation.
“Any contentious issue is to be decided by the court based on the submission of the panel members,†SC spokesman Theodore Te said, quoting the SC order.
“The period to be covered by the audit shall be from the respective dates of receipt of the payments for the lot until the finality of the Court’s July 5, 2011 decision.
“Thus, any ordinary or necessary business expenditure incurred after the finality of the Court’s decision shall not be deductible from the P1.3-billion subject of the special audit,†he added.
Covered by the order are the 500 hectares sold to Rizal Commercial Banking Corp. and Luisita Industrial Park Inc. and 80.51 hectares used for the Subic-Clark-Tarlac Expressway.