Latest Stories

SEC says Calata stock price manipulated

Agency readies charges against 1st batch of respondents


The Securities and Exchange Commission has found evidence of stock price manipulation involving shares of newly listed agricultural product distributor Calata Corp.

The Securities and Exchange Commission has found evidence of stock price manipulation involving shares of newly listed agricultural product distributor Calata Corp., unmasking and preparing the criminal prosecution of an initial batch of more than 10 people.

In a briefing on Friday, SEC chairperson Teresita Herbosa said the corporate watchdog approved a recommendation from the agency’s enforcement and prosecution department (EPD) to file criminal charges against the first batch of respondents in the Calata case.

She said there might be other persons, institutions and acts of violations not covered by the SEC’s recent investigation and assured the public that the agency would not stop investigating. The identities of the the individuals were not provided by the SEC.

“As we speak, they’re still continuing with the investigation with respect to the identities of other target respondents as well as other acts, which may constitute price manipulation but which were not covered by the investigation that was finished October 30,” Herbosa said.

She said the EPD was given the go-ahead to draft a complaint-affidavit that would be submitted to the Department of Justice but the SEC en banc would still have to give its imprimatur to the final court filing. She said this might happen within the next two SEC en banc meetings.

The SEC chairperson said the EPD could now draft the criminal complaint with respect to the first batch of respondents. She said the findings were “supported by facts and evidence that they have gathered so far.”  Herbosa said the SEC’s probe was “far from over.”

“The investigation is not complete with regards to other persons and entities. Remember, this is not just criminal complaint but also with respect to the administrative aspect,” she said.

When it comes to securities violation under the Securities Regulation Code (SRC), it is the SEC which has the exclusive authority to file criminal complaints with the DOJ. In building its case, the agency may seek assistance from the National Bureau of Investigation, the Anti-Money Laundering Council and the Bureau of Internal Revenue relative to administrative cases or to support any criminal complaint to be filed with the DOJ for prosecution.

Herbosa said there were also John Does to be included in the criminal complaints, referring to those people who might be involved but have not yet been identified at the time of the court filing but could be still unmasked later on.

“Biz Buzz” earlier reported that the investigation of the Calata case was triggered by P4 billion worth of transactions during a two-week period after the company’s listing in May that, in turn, brought share prices to dizzying heights. For its part, Capital Markets Integrity Corp. (CMIC)—an independent entity under the Philippine Stock Exchange—earlier identified seven persons involved in the questionable trades.

But while the CMIC report managed to identify the persons who committed the unscrupulous trades of Calata, these were believed to be only “dummies” who were not capable of orchestrating stock price manipulation.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Calata Corp. , Markets and Exchanges , Philippines , stock price manipulation , stocks

  • Albert Einstien

    sino kayang KKK ang nasa likod ng mga stock manipulation ngayon?

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Easterlies to prevail in Luzon, Visayas
  • Lacson eyes P106-B ‘Yolanda’ rehab masterplan
  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Technology

  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Marketplace