An Austrian trader is set to file a case against the Philippine Stock Exchange (PSE) and directors of agriculture products distributor Calata Corp. (CAL) for publishing a disclosure with the intention to “destroy” his reputation.
Alfred Reiterer, representing some minority shareholders of Calata, said he would file a case similar to libel in an Austrian court if the disclosure would not be taken down.
Reiterer got into a tussle with Calata for helping minority shareholders demand a “fair” tender offer from the latter after it sold its 81-percent stock to seafood and aquaculture firm Millennium Global Holdings Inc. (MGHI).
In a letter addressed to PSE president Ramon Monzon, Reiterer said the local bourse never requested any proof from CAL of its “malicious statements,” where he was said to be forcing shareholders to buy back their shares in exchange for 30 percent of the total collection that would be secured.
Reiterer said these shareholders engaged the services of Sedigo and Associates Law Offices on their own, wherein the legal counsel would receive a success fee of P3.06 per share on the condition that the shares would be sold.
“I will authorize my legal counsel to file a case against all involved parties with the relevant courts in Austria in accordance with Sec. 111, 115 and 152 of the Austrian criminal code and on grounds of defamation of character and/or discredit under Sec. 1330 of the Austrian Civil Code,” the letter said.
“By allowing Calata Corp. to use the website of PSE as a public platform in their character assassination, the PSE became a partner in crime because of the gross neglect of duty to ask Calata Corporation for clarification,” it added.
In the disclosure in question, Calata said it reported Reiterer to the Bureau of Immigration and the National Bureau of Investigation and urged them to look into the former’s criminal records.
“Mr. Reiterer and his companions shall not use the current proceedings of Calata Corporation to take advantage of and make an illegal profit from unsuspecting shareholders,” it noted.