JUSTICE Secretary Jesus Crispin Remulla yesterday ordered state prosecutors to throw the book and exhaust all legal means to prosecute officials and certain stockholders of Abra Mining & Industrial Corporation (AR) over the alleged unauthorized and fraudulent trading of shares from 2015 to 2019.
Remulla issued the order after the Securities and Exchange Commission filed 441 counts of violations of Republic Act 8799 or the Securities Regulation Code and RA 11232 or the Revised Corporation Code against the mining firm last May 3.
The SEC also asked the DOJ to institute civil and criminal forfeiture, including the accessory penalty of asset preservation against the respondents under RA 9160 or the Anti-Money Laundering Act of 2001.
Remulla said the key respondents in the SEC complaint were Abra Mining President James G. Beloy, Corporate Secretary Ameila G. Beloy, and directors Conde Claro Venus, Carmelo Rafael Tansengco, Joel Albert Beloy and Ma. Belinda Gaskell.
Also named as respondents were Arline Adeva, Premy Ann Beloy, Joel Albert Beloy, Joseph Acuesta and Ma. Agnes Hoffman, all officials of stock transfer agent Asian Transfer and Registry Corp.
Stockholders Jubileum Air and Sea Logistics Inc., Andrei Vincent Freight Services Corp., Ferdinand Collado, Leila Collado and Susan Gacelo were also implicated by the SEC.
The criminal complaint stemmed from alleged 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 in a statement.
“The State recognizes this role of business/corporate shares in our economy hence, we are very serious in enforcing the laws related thereto in order to assure that economic opportunities in our communities will be fair and advantageous for each and every individual,” he added.
He said the case will be referred to the DOJ -Task Force on Business Scam.
