SEC undergoes major reorganization

The Securities and Exchange Commission (SEC) is undergoing a major staff reorganization.

SEC sources said the reorganization, initiated by Commission chairman Lilia Bautista, aims to synergize efforts of the corporate watchdog to look into other pending cases which recently have taken a backseat in favor of priority cases such as the investigation on stock manipulation and insider trading of Best World Resources Corp. (BW).

First to be re-assigned is the SEC's prosecution and enforcement department (PED) acting director Ruben Ladia, who will be replaced by director Elizabeth Martin of the brokers and exchanges department.

Ladia was relieved of his functions as officer in charge of PED. Instead, he will handle the securities and investigation clearing department (SICD) where his primary job is to reactivate the backlog cases in that department.

Also re-assigned were Jose P. Aquino who took over as OIC of BED. He will assume the functions of Manolito Soller who has been reassigned to the corporate and legal department (CLD). Previously, Soller, was in charge of pre-need and investment houses.

Aside from these, other directors of the different departments were also re-assigned and relieved of their current duties. Sources said the reorganization is meant to mobilize other personnel, primarily to take care of pending investigation of cases.

Previously, SEC sources said the corporate watchdog is having manpower problems, as many of its technical personnel such as certified public accountants and legal counsels, were assigned to look into several cases at the same time but lately have concentrated on the biggest stock market scandal to have rocked the local stock exchange.

The sources said there are close to 10 support staff from the both the BED and PED who are working round-the-clock on the scandal-ridden gaming firm Best World Resources Corp. (BW).