THE PHILIPPINES
Supreme Court Upholds Arrest Warrants on Pepsico Executives: The Philippine Supreme Court last week upheld arrest warrants on nine executives of a Manila subsidiary of Pepsico accused of refusing to pay more than 33,000 holders of winning bottle caps in a Pepsi promotion. The nine executives of Pepsi Cola Products Philippines face arrest on swindling charges after the Supreme Court denied their petition to reverse a lower court’s order issued in May last year for their detention. The officials included Pepsico International Director Paul Roberts, the Manila unit’s former president Rodolfo Salazar, board Chairman Luis Lorenzo and his son Luis Jr. They were indicted on several counts of swindling following the company’s refusal to pay $1.42 billion to 33,668 holders of Pepsi bottle tops bearing the number 3-4-9, the winning number in a 1992 company promotion. The promotion was due to give away $36,500 to each winning bottle top holder.
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