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CA Justice inhibits from Ongpin’s insider trading case

/ 04:07 PM August 23, 2016
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Businessman Roberto Ongpin. INQUIRER FILE PHOTO

An Associate Justice of the Court of Appeals (CA) has inhibited himself from handling the petition of businessman Roberto V. Ongpin questioning the decision of the Securities and Exchange Commission (SEC) ordering him to pay P174-million fine for insider trading.

READ: Ongpin fined P174M for insider trading

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Associate Justice Normandie Pizarro inhibited from the case because he is related to one of Ongpin’s shareholders who sold shares of stocks to First Pacific.

“One of the shareholders who allegedly sold shares of stocks to First Pacific is a relative by consanguinity,” Associate Justice Ma. Luisa Quijano-Padilla said of the memorandum of Justice Pizarre during the hearing on Tuesday at CA.

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Due to Pizarro’s inhibition, the appeals court has rescheduled the hearing on Ongpin’s petition to find a replacement for the Associate Justice.

The date of hearing was tentatively set for Aug. 31 and September 1.

Ongpin’s counsel, Atty. Estelito Mendoza, questioned the five-year delay in filing of the case against the businessman.

“Prescribed na. Yun ang aming sinasabi. Ang prescriptive period ay three years lang kaya dapat agad agad ang aksyon eh natulog eh (It was prescribed. That’s what we are saying. The prescriptive period is only three years so there should be a swift action but they are not acting on it),” Mendoza told reporters.

“Wala namang nagsasabing stockholder na naperhuwisyo eh. Kung masama talaga eh bakit walang naghablang stockholder (Not a single stockholder was negatively affected. If it caused harm, why didn’t a single stockholder sue)?” he added.

Early this month, the appeals court 13th division issued a 60-day restraining order against the SEC decision.

READ: TRO vs SEC on Ongpin insider trading case

In a six-page resolution, Associate Justice Ma. Luisa Quijano-Padilla said the restraining order is important to prevent any serious damage to Ongpin while his petition challenging the SEC ruling is pending.

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Last July 8, the SEC fined Ongpin for allegedly committing 174 counts of insider trading. He allegedly profited from trading of Philex Mining shares on Dec. 2, 2009 using insider information.

On July 22, he challenged the SEC’s ruling before the Court of Appeals. RAM/rga

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TAGS: Businessman, CA, Court of Appeals, insider trading, Roberto V. Ongpin, SEC, Securities and Exchange Commission
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