Fil-Am group takes case vs Chevron to US SEC
A group of Filipino Americans including business leader and philanthropist Loida Nicolas-Lewis has filed a complaint before the US Securities and Exchange Commission (SEC) against oil giant Chevron for alleged violations stemming from the sale of its interest in the Malampaya gas field to Udenna Corp.
In a statement, the complainants alleged that Chevron, through local subsidiaries, had violated Section 10(b)(5) of the US Securities and Exchange Act when it transferred its interest in the Malampaya gas field to Udenna in March 2020. They are thus asking that the transaction be stopped.
“Chevron, through its subsidiaries Chevron Philippines and Chevron Malampaya, together with PNOC-Exploration Corporation, Udenna Corporation, and its subsidiary UC Malampaya … acted intentionally to commit multiple misrepresentation and concealments to interested shareholders including complainants, in facilitating and allowing for the transfer of Chevron Malampaya’s interest in a service contract in violation of an applicable joint operating agreement …” the complaint read.
The complaint was signed by Lewis, Arthur Medel, Rodel Rodis, Rocio Nuyda, Celia Lamkin, Eric Lachica, Ago Pedalizo, and Art Garcia.
California-based lawyer Rodis said they filed the complaint to protect the assets in Malampaya that belong to the Filipino people.
The Inquirer tried to get the side of Udenna and Chevron regarding the complaint, but had not received a response as of press time.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.