MANILA, Philippines—There is now no legal impediment for the criminal prosecution of eight foreigners who were sued by the Securities and Exchange Commission (SEC) on the basis of a complaint initiated by a Cebu-based businessman who accused the foreigners of selling membership shares of the Nomad Sports Club (NSC) amounting to about P100 million.
This developed after the Department of Justice (DOJ) denied for lack of merit the motion for reconsideration filed by foreign members of NSC—one of the country’s oldest sports clubs—who were earlier recommended for indictment at the Parañaque City Regional Trial Court for engaging in unlawful trading in securities.
Charged were British and Australian nationals Jonathan Thorp, Thomas Whitwell, Alfonso Cervero, Matthew Freeston, Andrew Yates, Ian Sinclair, Keith Warne and Faisal Durrani-Khan, all officers of NSC.
They were charged with violating the Securities Regulation Code.
They have been charged at the Parañaque RTC for illegal selling of membership shares of NSC, an exclusive sports club in Merville Park, Parañaque City.
In a three-page resolution, the DOJ’s investigating prosecutors junked the appeal of the NSC officials and ruled that their arguments in the motion for reconsideration were “rehash.”
“No new matter was presented that would warrant or justify the reconsideration or reversal of the subject resolution,” said Assistant State Prosecutor Christine T. Perolino in the resolution approved by Senior Deputy State Prosecutor Pedrito L. Rances, chair of the Task Force on Business Scam, and Prosecutor General Claro A. Arellano.
With the denial of their appeal, the Parañaque City RTC can now proceed with trial proceedings against the indicted NSC officials.
SEC, through enforcement and prosecution department officer in charge Leila T. Laureta-Agustin and securities counsel Jonathan Pancracius D. Paguirigan, earlier said the appeal of the NSC officials should be denied “for utter lack of merit.”
NSC, whose membership consists mostly of foreigners, was first put up in the 1940s as a successor to another all expatriate organization known as the Manila Club based in Makati City in the 1920s. The club’s present site is a venue for international amateur and professional soccer and cricket events.
SEC lawyers strongly urged the DOJ to proceed with the criminal cases against the club officers because the DOJ’s earlier resolution “finding probable cause to hold all of the respondents for trial for violation of the Securities Regulation Code duly conforms with evidence submitted, applicable laws and jurisprudence.”