Jaime Laya resigns from board of troubled Calata
MANILA, Philippines - Amid allegations of insider trading and manipulation of the share price of Calata Corp., the agribusiness firm lost one of its board members.
In a disclosure to the stock exchange, Calata announced that Jaime C. Laya, a former Central Bank governor, resigned effective December 12.
"The Company expresses its gratitude to Dr. Laya for his invaluable service to the Company. The resignation, however, is not expected to have any material impact on the Company’s current or future operations or its financial position or results of operation," the Calata stressed.
Laya has been a Calata director since November 25, 2011. Salcedo T. Foronda, Sr., a farmer's cooperative organizer, will serve the unexpired portion of Laya’s term.
Laya's 1981 to 1984 term at the helm of the central bank covered two significant points in Philippine history: the "election" that made former President Ferdinand Marcos have his 3rd term and the assassination of former Senator Benigno S. Aquino, Jr., the father of the country's current president, Benigno Aquino III.
He founded the KPMG/Laya Mananghaya & Co. (now Manabat Sanagustin & Co.), one of the major audit firms in the country, and is or was also on the boards of GMA Network, Ayala Land, and various educational institutions, including University of the Philippines, St. Paul's University, and Miriam Collage.
Calata is a distributor of agrochemicals, feeds, fertilizers, veterinary medicines and other agricultural products coming from the likes of San Miguel Corp. Bayer, Jardine, Dupont, Sinochem, Monsanto, Planters Products, among others.
In November, 13 individuals, including those connected with Calata, were the subject of a Securities and Exchange Commission (SEC) complaint before the Department of Justice.
The SEC alleged that the individuals, including former owners of Calata before its maiden market offer as well as the firm's financial advisor, conspired with one another to artificially raise the price of Calata shares by as much as 226%. - Rappler.com