Calata execs' conviction for market manipulation upheld

A Makati City regional trial court (RTC) has upheld the conviction of the officers of delisted company Calata Corp. for market manipulation, the Securities and Exchange Commission reported.

- By RICHMOND MERCURIO

The SEC said that Makati RTC Branch 148, in a consolidated order dated May 19, denied the motion for reconsideration filed by the officers of Calata seeking their acquittal on two counts of violation of Section 24(d) of the Securities Regulation Code (SRC).

According to the commission, the court denied Calata officers' claim that they did not violate Section 24(d) of the SRC, and instead violated Section 17 of the same law pertaining to reportorial requirements, which is merely administrative in nature and does not involve penal sanctions.