PSE monitoring businesses of alleged Binay dummy

Rappler.com
PSE monitoring businesses of alleged Binay dummy
The Philippine Stock Exchange wants to make sure Antonio Tiu's narrations in Senate hearings regarding his businesses 'have actually been disclosed or are properly disclosed to the public'

MANILA, Philippines – The Philippine Stock Exchange (PSE) said it is keeping track of Senate hearing disclosures made about controversial businessman Antonio Tiu, who heads two listed firms.

The PSE said Tuesday, November 4, that it is monitoring the Senate probe into allegations against Vice President Jejomar Binay who is being accused of owning a huge farm that Tiu claims he owns.

Tiu has been questioned by a Senate blue ribbon subcommittee over the purchase of a controversial 145-hectare in Rosario, Batangas, referred to as “Hacienda Binay.” Senators said Tiu is a dummy of the Vice President. (READ: Caught on Instagram? VP daughter’s ‘Hacienda Binay’ photos)

Both Binay and Tiu denied the allegations. Tiu has said he bought the property from Laureano Gregorio, and will be developed into the Sunchamp Agri-Tourism Farm.

“We conduct monitoring for all listed companies to ensure that they adhere to our disclosure rules and that the investing public is properly informed,” PSE president and chief executive officer Hans B. Sicat said on Tuesday.

Tiu is the chairman of two listed firms, Greenergy Holdings Incorporated and AgriNurture, Inc. (READ: Can Antonio Tiu tell a lie?)

PSE wants to make sure that any narration of the businessman during the Senate hearings regarding his businesses “have actually been disclosed or are properly disclosed to the public,” Sicat said, referring to Tiu’s Greenergy and AgriNurture.

Although Tiu’s Sunchamp Real Estate Development Corporation is not a listed company, Sicat explained that any transaction of Sunchamp that may materially affect any listed company will still need to be properly disclosed by the concerned listed company.

The PSE already sought clarification from Greenergy and AgriNurture pertaining to a published article on the involvement of Greenergy subsidiary on the so-called Hacienda Binay.

Sicat stressed that if the PSE discovers any illegal act by officers of listed companies, this could have an impact on any application for listings of these companies within the context of PSE’s suitability rules.

“If there will be continuous disclosure violations by any company that will be established by the [PSE] after the conduct of its own investigations and affording due process, they will also be subjected to penalties as provided by the PSE rules,” Sicat said.

During last week’s hearing, the Securities and Exchange Commission (SEC) also said that the commission noticed several incomplete disclosures involving Tiu-owned companies.

The commission will issue show cause letters to the Tiu-owned firms to explain the incomplete disclosures, SEC chairperson Teresita Herbosa said.  – Rappler.com

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