Lawmakers run out of time to probe trader’s insider trading

SENATORS ran out of time to delve into alleged insider trading by businessman and former Marcos minister Roberto Ongpin in the sale of shares in Philex Mining Corp. to businessman Manuel Pangilinan.
Senator Sergio Osmena III, chairman of the Senate committee on banks, earlier said he would prove that Ongpin engaged in insider trading in the sale of Philex shares at P21 that he bought at P12.75.
This, after Pangilinan, in an affidavit, said they had agreed on the price in negotiations at a Makati hotel in November 2009.
This corroborated a letter that Securities and Exchange Commission chair Teresita Herbosa sent Senate President Juan Ponce Enrile that said Ongpin bough close to 50 million Philex shares at “P19.25 per share” on December 2, days after the meeting. Earlier reports put the original price at P12.75 per share.
“Ongpin bought millions of Philex shares a few hours before the SPA (share purchase agreement) was signed, and he bought these shares at a price much lower than the price that he knew that Pangilinan was buying Philex shares. The higher Pangilinan acquisition cost was known only to Ongpin. This is material information that the public does not know. This is clearly insider trading,” Osmena said.
Osmena also quoted the SEC as saying a surveillance report by its Market Regulation Division found indications of insider trading. The senator said Ongpin, director and vice chairman of Philex, when he bought the shares, could make him an “insider” under SEC rules.
“If considered as such, he may have been in possession of material information not available to the general public when he purchased Philex shares on December 2, 2009,” Osmena quoted the SEC letter.
Ongpin missed the hearings since he is abroad to celebrate his 50th wedding anniversary. He wrote the committee to ask for the next hearing to be held after January 8, when he is scheduled to fly back. The committee will hold a hearing next Tuesday.
Josephine Manalo, currently under Senate investigation for allegedly signing the documents in connection with a P660-million loan secured by Ongpin-owned Delta Ventures Resources Inc. (DVRI) from DBP and that was used to buy the shares will also be allowed to leave the country.
This, despite a request from the Senate to put her on a travel watch list, and effectively bar her from leaving.
“Until the TRO (temporary restraining order) is lifted and the authority of the Secretary of Justice to issue watchlist orders is upheld (by the SC), we lament that the undersigned cannot order the inclusion of Ms. Manalo, or any other person subject of the committee’s investigations and hearings, in the Bureau of Immigration watchlist,” Justice Secretary Leila de Lima said in a letter to Senate blue ribbon committee chairman Teofisto Guingona III.
What the government can do for now, de Lima said, is to be on the lookout for Manalo, should she pass through the immigration counters in any of the country’s airports and seaports.
The High Court on November 15 temporarily suspended the imposition of DOJ Circular 41, which was invoked by de Lima in stopping former President Gloria Macapagal-Arroyo from seeking medical treatment overseas.
Arroyo is currently under arrest for electoral sabotage charges.
Last August 5, the DBP slapped criminal and administrative cases against its former chairman Patricia Santo Tomas, and Ongpin over the loans that the bank had granted to an Ongpin company.
DVRI used the DBP facility to buy a block of Philex Mining shares at P12.75 a share, only to be sold less than a month later at P21 per share to the Manny Pangilinan-led Two Rivers Pacific Holdings Corp.
Findings from the Commission on Audit show that the transaction deprived the bank of potential gains of P412.4 million.
The complaint also accuses the past bank officers of violating banking laws and exposing the bank to high lending risks. (Virgil Lopez/Jonathan de Santos/Sunnex)
Source : http://www.sunstar.com.ph/manila/local-news/2011/12/06/lawmakers-run-out-time-probe-traders-insider-trading-194420

Over the holidays, travelers from Manila going to the north for a getaway destination choose Pampanga Angeles City and Clark Philippines as a popular holiday location. Aside from day-time sports and other activities, visitors look for a good wine shop to buy some good wine to celebrate a special occasion or just to make the holiday and vacation more enjoyable. Many wine lovers pick up some good bottles from Clark Wine Center to bring to dinner in some of the good restaurants in Angeles City, Clark Pampanga. Yats Restaurant is one of the most famous fine dining restaurants outside of Manila, located in Mimosa Leisure Estate inside Clark Airbase or Clark Freeport Zone as it is now called. This popular restaurant has become a tourist attraction, a place to visit for those who are in Pampanga, Subic, Angeles City and of course, Clark Philippines. The famous wine shop called Clark Wine Center supplies this famous restaurant in Clark Philippines as well as other good restaurants in Angeles City Pampanga with good wines of all price ranges.

Wine is becoming increasingly popular in Manila and other cities in the Philippines. Wine lovers in Manila travel to the north to visit Clark, Pampanga to shop for good and rate vintage wines at good duty-free prices. The most frequently visited liquor shop in Manila and wine shop in Pampanga is Clark Wine Center. This highly recommended wine shop located outside Manila near Angeles City, Pampanga in North Luzon is known for offering a great selection of fine vintage wine that is good quality and good value for money also.

This well-known wine shop is a famous shopping destination for wine enthusiasts in Manila and wine lovers from other cities in Asia including Hong Kong, Macau, Shanghai, Beijing, Seoul, Osaka and Tokyo.

Famous Philippines wine supplier known for its line of fine vintage wines, Yats Wine Cellars was established in 2000 to address the requirement of a growing population of wine enthusiasts in the Philippines. This 5-star wine shop caters to the discerning client who requires these qualities in their wines: (1) excellent value, (2) large selection of labels and vintages to choose from and (3) wines properly aged for full enjoyment.

Public wine tastings are held from time to time in Clark and sometimes in Manila. Tickets range from p500 to p1500 for these themed events that are professionally run –no wine merchants sponsorship, pushy salesmen or tacky banners to ruin the evening. Each ticket contains a certain number of stubs that can be redeemed for a tasting pour of a wine among those on a line-up which often contains wines that are quite old and expensive.

Things to do in Clark Pampanga Philippines: do a little wine shopping at the famous wine shop outside of Manila called Clark Wine Center. One of the favorite places to visit in Pampanga Clark Freeport is the white building along M A Roxas highway of Clark which houses over 2000 selections of fine vintage wines. The Clark Wine Center is one of the places to visit, a tourist spot and a good shopping place for those staying in Angeles City, Subic or Clark Pampanga. This famous wine shop is well known among wine lovers all over Asia as the best place to find rare vintage wines.

http://www.ClarkWineCenter.com

Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.

Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.

Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
0922-870-5173 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

http://www.PhilippinesWeddingVenue.com

While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.

The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com

Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com

Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to www.ClearwaterPhilippines.com