Practice question
A foreign state owns 30% of an enterprise but has contractual power to appoint a majority of its directors. The enterprise claims it cannot be a foreign state-owned enterprise because the state lacks majority capital ownership. Evaluate the claim under RA 11659.
Legal references
- RA 11659, Sections 2(g) and 24; https://lawphil.net/statutes/repacts/ra2022/ra_11659_2022.html
- 2023 IRR of RA 11659, Section 44; https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/97017
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