The SEC Markets and Securities Regulation Department (MSRD) in a decision promulgated on April 8 found Abra Mining guilty of violating Section 26 of the Securities Regulation Code (SRC) and Section 61 of the Revised Corporation Code (RCC).
The MRSD also found liable Abra Mining’s president James Beloy, corporate secretary Amelia Beloy, directors Conde Claro Venus, Carmelo Rafael Tansengco, Premy Ann Beloy and Joel Beloy and former director Belinda Gaskell.
“The officers and directors necessarily had, or should have had, knowledge of the illegal circumstances regarding the issuances of the illegal shares during the years that they served as directors of respondent Abra Mining,” the MSRD said.
MRSD said had the officers and directors faithfully exercised their duties as imposed by law, they would have prevented the fraudulent scheme from being carried out.
On top of administrative sanctions, the MSRD likewise revoked Abra Mining’s registration statement and corresponding certificate of permit to sell.
According to the SEC, Section 26 of the SRC states that it is unlawful for any person, directly or indirectly, to employ any scheme to defraud, or engage in any act or course of business which would operate as a fraud or deceit upon any person.
Bu hikaye The Philippine Star dergisinin April 15, 2024 sayısından alınmıştır.
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Bu hikaye The Philippine Star dergisinin April 15, 2024 sayısından alınmıştır.
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