Philippines Arrests Former Marcos Associate

A Philippine court Thursday ordered the arrest of industrialist Eduardo Cojuangco on charges that he acted as a front-man to help the late President Ferdinand E. Marcos take control of the country’s largest newspaper.

He posted bail of $4,500 pending trial on graft charges.

Cojuangco, 55, is widely regarded as the strongest possible opposition candidate for a presidential election due in 1992. He is the estranged cousin of President Corazon Aquino, who has said she is not interested in a second term.

“This is a desperate act coming from desperate officials of a desperate administration,” Cojuangco told reporters. His lawyer called the charges ridiculous.

Government prosecutors said that Marcos, who died in exile in Hawaii last September, took control of 54% of the equity of the Manila Bulletin from 1973 to 1985 and that Cojuangco acted as “a dummy of the . . . former president.”

They said Cojuangco and two other businessmen received dividend checks from the Bulletin for the shares in question and deposited them in a Marcos account.

Cojuangco was a close associate of Marcos before he was overthrown as Philippine leader in a 1986 popular revolt.

Cojuangco built a business empire ranging from agriculture to shipping during Marcos’ rule. He fled with Marcos to Hawaii when the regime collapsed in the revolt that installed Aquino as president.

Stripped of his passport, Cojuangco slipped back into the country five days before army rebels nearly toppled Aquino in their sixth and bloodiest coup attempt last December. Aquino hinted that her cousin was involved but did not bring charges against him.

Last Sunday, an estimated 15,000 people attended Cojuangco’s 55th birthday celebration at his farm in the northern Philippines. Cojuangco made a speech saying the country is in chaos and nobody is taking charge.

Short of declaring his candidacy for 1992, Cojuangco said his duty is to unite a divided country, adding: “ I will not fail you.”