GenCorp counsel: Sara had no shares, got P2.14M

Vice President Sara Duterte had no shares or corporate position in GenCorp Industries Inc. from 2022 to 2025 but received P2.14 million in return of capital from the company during the same period, its in-house counsel testified before the Senate impeachment court on Wednesday.

Suzette Balucanag-Punay, GenCorp's legal counsel, told the court that Duterte's name did not appear in the company's General Information Sheets (GIS) from 2022 to 2025.

"She has no stockholdings with GenCorp," Punay said during direct examination by defense lawyer Justin Nicol Gular.

Asked about Duterte's shareholdings and corporate positions in GenCorp, Punay said the Vice President held none.

The witness, however, later testified that Duterte received P2.14 million in return of capital from GenCorp between 2022 and 2025, as well as monthly payouts from the Jollibee Times Square branch operated by the company.

'Loose interest'

Punay described Duterte's connection to GenCorp as a "loose interest."

She said the Vice President did not receive dividends during the period because the company had not declared any.

When pressed on the amount of Duterte's original investment, Punay admitted she had no documentary proof.

“I actually did not see a written document [for the investment of the Vice President],” she told the court.

“Unfortunately, I could not verify the amount because there are no written records for this investment,” she added.

Duterte's Statements of Assets, Liabilities and Net Worth (SALNs) identified her as having an interest in GenCorp, formerly known as Timesquare Bee Foods Corp. and Great Jolly Times Food.

House prosecutors earlier presented Philippine Government Electronic Procurement System (PhilGEPS) official Rendell Sopeña who testified that GenCorp secured 49 government contracts worth P35.88 million from the Davao City government, PhilHealth Region XI and the Overseas Workers Welfare Administration Region XI.

Of the total, P34.22 million came from 15 contracts awarded by the Davao City government.

The prosecution also presented the findings of financial forensic analyst Alexander Cabrera, whose report attributed a 20% ownership interest in GenCorp to Duterte.

'Absurd'

Punay disputed that computation, saying it was inconsistent with the company's corporate records.

"This is inaccurate, sir. It is inconsistent from the records of the corporation," she told the court.

She pointed out that GenCorp's total paid-up capital was only P1.25 million, questioning how the reported 20% stake could be reflected in the company's capitalization.

"According to the forensic report, Sara has 20%, then the amount paid would be P1.5 million. So I don't know where to put it. Sorry," Punay said.

She described the finding as "absurd," but Senate impeachment court presiding officer Francis Escudero later ordered the remark stricken from the record following an objection from private prosecutor Lorna Kapunan.

During the hearing, Kapunan questioned whether Punay had secured board authorization to testify on behalf of both corporations.

Escudero allowed the witness to proceed, saying he presumed that her appearance as in-house counsel meant the corporations were waiving attorney-client privilege, although not necessarily the privilege of individual shareholders.

Punay, the defense's fourth witness for Article II of the impeachment case, also serves as legal counsel for Metro City Chow Foods Corp.

The defense presented Punay to rebut the prosecution's allegations of unexplained wealth and failure to divest business interests, the remaining grounds under Article II of Duterte's impeachment case.

Duterte has denied wrongdoing.###