The Court of Appeals (CA) has reversed itself and dismissed the estafa charges filed by Green Cross Inc. founder Gonzalo Co against his relatives whom he had accused of ripping off his shares that resulted in his ouster from the multi-billion-peso company some 23 years ago.

Green Cross Inc. is the manufacturer of rubbing alcohol brand “Green Cross” and “Zonrox” bleaching liquid.

Voting 4-1, the CA’s Special Former Fourth Division ruled that the Pasay City regional trial court (RTC) was right when it junked the suit due to prescription.

The respondents were identified as Anthony Co, Mary Co-Cho, Peter Co, Michael Anthony Co, Mark David Cho, Dick Milton Cho, Ann Marie Co-Imperial, Joanna Liza Co-Yap Jim Lewis Co, Nessie Pearl Chan,  Sandy Chan, Nancy Co and So Hua Co.

The case stemmed from a 2006 complaint filed by Gonzalo accusing his relatives of misappropriating his shares of stock held in trust by them by subscribing on Dec. 29, 1986 additional shares in the company, then known as Gonzalo Laboratories Inc., as if such shares were their own.

Gonzalo said his relatives failed and refused to return the shares despite his repeated demand.

In a 15-page decision penned by Associate Justice Marlene Gonzales-Sison, the CA held that the “felony charged has already prescribed, as it was discovered by (Gonzalo) more than 20 years before the filing of the complaint.”

It reversed and set aside its Nov. 5, 2009 ruling that directed the lower court to go on hearing the estafa case.