Remulla tells prosecutors: Go all out vs mining firm tagged in 'fraudulent' trading | ABS-CBN
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Remulla tells prosecutors: Go all out vs mining firm tagged in 'fraudulent' trading
Remulla tells prosecutors: Go all out vs mining firm tagged in 'fraudulent' trading
Justice Secretary Jesus Crispin Remulla at a press conference in Camp Crame, Quezon City on April 3, 2023. Jonathan Cellona, ABS-CBN News/File
Justice Secretary Jesus Crispin Remulla at a press conference in Camp Crame, Quezon City on April 3, 2023. Jonathan Cellona, ABS-CBN News/FileMANILA — Justice Secretary Jesus Crispin Remulla told prosecutors to exhaust all means to punish officials and stockholders of Abra Mining & Industrial Corporation over alleged unauthorized and fraudulent trading of shares from 2015 to 2019.
Remulla's statement comes after the filing by the Securities and Exchange Commission (SEC) of 441 counts of violations of Republic Act No. 8799 or the Securities Regulation Code and Republic Act No. 11232 or the Revised Corporation Code.
MANILA — Justice Secretary Jesus Crispin Remulla told prosecutors to exhaust all means to punish officials and stockholders of Abra Mining & Industrial Corporation over alleged unauthorized and fraudulent trading of shares from 2015 to 2019.
Remulla's statement comes after the filing by the Securities and Exchange Commission (SEC) of 441 counts of violations of Republic Act No. 8799 or the Securities Regulation Code and Republic Act No. 11232 or the Revised Corporation Code.
Remulla's statement comes after the filing by the Securities and Exchange Commission (SEC) of 441 counts of violations of Republic Act No. 8799 or the Securities Regulation Code and Republic Act No. 11232 or the Revised Corporation Code.
SEC slaps P560 million in fines on Abra Mining officials, shareholders, transfer agents over illegal shares
The SEC asked the Department of Justice (DOJ) to institute civil and criminal forfeiture, including the accessory penalty of asset preservation, against the respondents under Republic Act No. 9160 or the Anti-Money Laundering Act of 2001.
According to the DOJ, key respondents in the complaints filed by the SEC are AR President James Beloy, Corporate Secretary Ameila Beloy, Asian Transfer, Registry Corporation President Arline B. Adeva.
The DOJ noted that the criminal complaints stemmed from discrepancies in the number of AR shares registered with the SEC for public offering, those listed in the Philippine Stock Exchange, and those lodged with the Philippine Depository and Trust Corporation.
"Shares or stocks are intangible vital elements of the country’s financial stability which fosters the growth of companies, providing an opportunity to every aspiring businessman to invest and be wealthy in life," Remulla said.
The DOJ said it recognizes the role of business and corporate shares in the economy as it also assured that economic opportunities will be fair and advantageous to all.
The cases are yet to be referred to the DOJ Task Force on Business Scam.
SEC slaps P560 million in fines on Abra Mining officials, shareholders, transfer agents over illegal shares
The SEC asked the Department of Justice (DOJ) to institute civil and criminal forfeiture, including the accessory penalty of asset preservation, against the respondents under Republic Act No. 9160 or the Anti-Money Laundering Act of 2001.
According to the DOJ, key respondents in the complaints filed by the SEC are AR President James Beloy, Corporate Secretary Ameila Beloy, Asian Transfer, Registry Corporation President Arline B. Adeva.
The DOJ noted that the criminal complaints stemmed from discrepancies in the number of AR shares registered with the SEC for public offering, those listed in the Philippine Stock Exchange, and those lodged with the Philippine Depository and Trust Corporation.
"Shares or stocks are intangible vital elements of the country’s financial stability which fosters the growth of companies, providing an opportunity to every aspiring businessman to invest and be wealthy in life," Remulla said.
The DOJ said it recognizes the role of business and corporate shares in the economy as it also assured that economic opportunities will be fair and advantageous to all.
The cases are yet to be referred to the DOJ Task Force on Business Scam.
The SEC asked the Department of Justice (DOJ) to institute civil and criminal forfeiture, including the accessory penalty of asset preservation, against the respondents under Republic Act No. 9160 or the Anti-Money Laundering Act of 2001.
According to the DOJ, key respondents in the complaints filed by the SEC are AR President James Beloy, Corporate Secretary Ameila Beloy, Asian Transfer, Registry Corporation President Arline B. Adeva.
The DOJ noted that the criminal complaints stemmed from discrepancies in the number of AR shares registered with the SEC for public offering, those listed in the Philippine Stock Exchange, and those lodged with the Philippine Depository and Trust Corporation.
"Shares or stocks are intangible vital elements of the country’s financial stability which fosters the growth of companies, providing an opportunity to every aspiring businessman to invest and be wealthy in life," Remulla said.
The DOJ said it recognizes the role of business and corporate shares in the economy as it also assured that economic opportunities will be fair and advantageous to all.
The cases are yet to be referred to the DOJ Task Force on Business Scam.
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