MANILA, Philippines — The Court of Appeals (CA) has junked with finality the multiple counts of insider trading cases against former trade minister Roberto Ongpin involving his shares in Philex Mining Corp. In a five-page resolution released yesterday, the special 13th Division of the appellate court affirmed its decision in December last year, which reversed the 2016 ruling of the Securities and Exchange Commission (SEC) that found Ongpin liable for 174 counts of insider trading. The CA stood firm in its finding that the insider trading charges against Ongpin were not supported by substantial evidence. The appellate court did not agree with SEC’s conclusion that all the elements of insider trading were established during its investigation and that Ongpin should be meted the penalty of P174 million fine for 174 counts of insider trading. It ordered him to pay a fine of P174 million, or P1 million each for 174 counts of insider trading, and also barred him from becoming part of the board of any Philippine Stock Exchange-listed firm.

Source: Philippine Star August 02, 2018 17:00 UTC