Ongpin to appeal CA ruling

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ROBERTO ONGPIN. INQUIRER FILE PHOTO

MANILA, Philippines—Businessman Roberto V. Ongpin will appeal to the Supreme Court the dismissal by the Court of Appeals of his petition to expunge a P412-million derivative suit since it was “based on a technicality,” according to his counsel.

In a statement, Ongpin’s lawyer Alexander Poblador explained that his client had argued before the appeals court that his motion to expunge the case was not a prohibited pleading.

Citing Supreme Court decisions, Ongpin said what was prohibited was a motion to dismiss that stopped the period for filing an answer. Ongpin’s Motion to Expunge was filed after he had already filed his answer, his lawyer pointed out.

The case stemmed from a derivative suit seeking to compel the former Marcos trade minister to return P412 million in “short swing profits” he had allegedly gained from the sale of shares of Philex Mining Corp. which he earlier bought from the Development Bank of the Philippines (DBP).

A derivative suit is a lawsuit brought by a shareholder of a corporation on its behalf to enforce or defend a legal right or claim, which the corporation has failed to do.

 

Short swing profits

The complainants, including Mario Ongkiko, a stockholder of Philex, alleged that under Section 23.2 of the Securities Regulation Code, an incumbent company insider like a director or officer was barred from profiting from trading in the same shares within a period of six months.

Ongkiko is the father of lawyer Zenaida Ongkiko-Acorda against whom Ongpin had reportedly filed a disbarment complaint for allegedly misrepresenting herself as DBP’s spokesperson and counsel at the height of the controversy.

Ongpin allegedly made the short swing profits when he purchased 50 million Philex shares from the DBP at P12.75 per share on Nov. 5, 2009, and sold them to Two Rivers Pacific Holdings Corp. of Manuel V. Pangilinan, Philex chairman, at P21 per share over a month later.

Ongpin also argued that under the rules of court, every damage suit should be accompanied by the payment of the appropriate filing fee before it can be admitted by a court.

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  • Jason Cruz

    Ongpin and Pangilinan are vicious businessmen, karma is inch away from them.     Ginisa sa sariling mantika si Juan Dela Cruz,    Its open secret in Devt Bank of the Phils when Ongpin borrowed from DBP and its proceed used in buying shares at PSE.   Binayaran agad yung utang at binili pa yung whole philex stock then benenta kay Pangilinan.    Nakasuhan na rin yung nga magnanakaw sa DBP sa ombudsman.    Simula nahawakan ni Pangilinan ang Meralco, grabe ang tubo at pahirap sa nga pilipino.   Isara na yang Philex na yan.

    • Baket?

      Sana magka-cancer din sina Ongpin at Pangilinan tulad, ni Salvador Escudero, ng ama ni Chiz Escudero na nanungkulan bilang board of direct ng DBP pero nanahimik lang noong nangyari ito. At sana matuluyan din ang anak ni Bro. Mike na si Franklin Velarde na wala rin namang silbe sa board of directors ng DBP. Konchabahan ng big business, politiko at simbahan. Mga linta ng bayan.

  • http://profile.yahoo.com/AE4KDFT5DTC52BFRUASNIV7HBU jerico

    Sila ang mga taong matagal ng nagpakasasa sa yaman ng bansa, sila ang naglugmok sa atin sa kahirapan, mga taong sakim, mga mandaraya at walang karapatan na mabuhay sa bayan na ito na ang makapangyarihan ngayon ay taong bayan. Dapat na silang maparusahan at managot sa bagong hustisya ng bansa. 

  • asarin

    matagal ng nakakalusot itong si ongpin! hindi pa rin nagbabayad ng kanyang mga kasalanan. isa sya sa mga ‘monsters’ na ginawa ni marcos. kasama ni lucio tan, danding cojuangco, enrile, ramos, at marami pang ibang mandarambong!

  • wakats

    It is now “War of the Titans” and many law students and practitioners as well, will surely follow this case to its culmination.

    The new “derivative” suit is a welcome change to the old plagiarism/sottogate that enliven the social networking world for quite a time now.

    This is also a war between high-price lawyers whose lawyer’s fee will be based on P412M “short swing profits” that billionaire ongpin allegedly earned in a month’s time due to “right connections.”

    This derivative suit showcases, among many, how rich people become richer while the poor becomes poorer due to increasing prices of essential commodities that don’t affect the lucky rich at all…   

  • EdgarEdgar

    Strange. I seem to recall that Senator Osmena conducted a senate inquiry months ago pointing to both Ongpin and Pangilinan as having benefited from insider trading. While one can argue the semantics and technicalities, there’s no doubt that both profited from inside information otherwise unknown to outsiders. So why is Ongpin being singled out and Pangilinan allowed to get away with it? Another case of selective justice.

    • Paolo Sulit

      Karma does work sometimes. Look at what happened to Philex.

      • EdgarEdgar

        Indeed, karma coming home to roost or nature bats last. Philex is no match for both.

    • Jason Cruz

      MVP cannot be charge because he bought the shares higher than the market price.    Ongpin is the one who racked billion of pesos.   So many high ranking DBP officials also made a fortune from this racket.   Open secret ito sa DBP.   Si David, Sto tomas, Director Magno (Gloria’s loyalist) and many more should go to jail immediately.    grabe talaga.

      • EdgarEdgar

        I hope they get to the bottom of this.

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