SEC to complete BW investigation this mo

The Securities and Exchange Commission (SEC) will end its investigation into alleged illegal stock trading of gaming firm Best World Resources Corp. (BW) this June and submit its report to the Department of Justice (DOJ).

SEC Chairman Lilia Bautista said the prosecution and enforcement department (PED), recently beefed up with the detailing of more personnel from the brokers and exchanges department (BED), is expected to complete its investigation of BW by next month, including its recommendation to the DOJ.

Bautista who replaced Perfecto Yasay Jr. as SEC chairman last March 25, vowed to complete the BW investigation in her first 100 days in office.

"We want to get it over with and move on," Bautista has been quoted as saying in previous queries about the progress of the investigation which has rocked the local stock market.

To deal with voluminous documents, Bautista assigned more people to assist the PED team working on BW.

The BW case blew wide open with charges of insider trading and stock price manipulation by officers and directors of the company, including close allies of President Estrada, such as businessman Dante Tan of Best World Gaming and Entertainment Corp., and, Carmelo Santiago, owner of Melo's Restaurant who is also a director of the state-run National Power Corp.

The SEC already submitted its first partial report to the DOJ, and has recommended for prosecution, among others, Tan and several brokerage houses.

Santiago has denied charges of any wrongdoing.

His legal counsels have asked the SEC to clear him of any liability in connection with the BW shares controversy.

"In all of his dealings with BW shares, Mr. Santiago, like any other regular investor, were motivated purely by the prospect of profit, nothing more. At the time he traded in BW shares, he thought that the stock issue was worthwhile enough to invest in, in terms of profitability. He ceased to trade the BW shares when he thought that the risk was too much for him. Like any other market investor, he made his decisions after studying market trends and the company's prospects."

Previously, the investigation of the SEC on BW took on a new turn as one of those previously implicated just might get off scot-free.

Based on comments turned in by Asiasec Securities, one of the broker firms that were sent notices by the corporate watchdog, the firm inadvertently used the account of one of its clients Clement T., Saw, who along with presidential ally Dante Tan, was also named in the SEC's first report that it failed to submit to the Department of Justice because of an injunction order thrown by the Court of Appeals.

Saw was one of those named in the partial report of the SEC which never reached the DOJ because one of the named principals, Jimmy Juan, beat the corporate watchdog to the draw and obtained a writ of injunction from the CA.

Aside from Tan, the SEC also named alleged Tan dummies, Jimmy Juan, Carmelo Santiago, owner of Melo's Restaurant, Robert Co and Clement T. Saw.