CA suspends penalty order on Ongpin for insider trading
The Court of Appeals has stopped for 60 days the implementation of the Securities and Exchange Commission (SEC) ruling ordering businessman Roberto V. Ongpin to pay P174-million fine over allegations of insider trading.
A six page resolution penned by Associate Justice Ma. Luisa Quijano-Padilla said the restraining order is important to prevent any serious damage to Ongpin while his petition challenging the SEC ruling is pending.
The appeals court took into consideration not the fine but the other penalty imposed by SEC disqualifying Ongpin from being an officer or member of the board of director of a public or listed company.
“The damage to be suffered, if any, is not quantifiable in terms of monetary value and cannot be remedied under any standard compensation,” the appeals court said.
“We wish to underscore that the purpose of the temporary injunctive relief is to preserve the status quo ante between the parties, and so as not to render moot and academic the relief prayed for in the Petition,” the appeals court added.
The 60-day restraining order shall begin upon the filing and approval of a bond worth P1-million.
The appeals court set the case for a hearing on Aug. 23 and 24.
Last July 8, the SEC fined Ongpin for allegedly committing 174 counts of insider trading. He allegedly profited from trading of Philex Mining shares on Dec. 2, 2009 using insider information.
On July 22, he challenged the SEC’s ruling before the Court of Appeals.
Concurring with the decision are Associate Justices Normandie B. Pizarro and Samuel H. Gaerlan. CDG/rga