SEC accepts compromise offer of Reynolds Phils

The Securities and Exchange Commission (SEC) has accepted a settlement offer from aluminum maker Reynolds Philippines Corp. (RPC), paving the way for the dismissal of the stock manipulation charges filed against the company early this year.

In a four-page order, the Commission en banc approved the offer of the five RPC officials implicated in the case to pay the sum of P100,000 each, or a total of P500,000, to put an end to the SEC’s investigation.

"The Commission, after finding that such settlement is in the public interest, hereby accepts the settlement offer," the SEC said.

The SEC has summoned five individuals related to RPC and its subsidiaries and affiliates to explain their participation in the alleged price manipulation of RPC stocks from May to July last year.

The officials are Jorge Navarra (RPC/RPC Retirement Fund), Fernando Manotok (Profinda Holdings Corp.), Reina Lucena (Far East Network of Integrated Circuit), Jerome Cabaral (Reynolds Recycling Corp.) and Francisco Betia (BPC Power Corp.)

Without admitting guilt or liability, the five, through their counsel, made the offer to settle the case in accordance with the provisions of the Securities Regulation Code (SRC).

Under Sec. 55 of the SRC (RA 8799), settlement offers are allowed during an investigation or proceeding under the code by the parties being investigated and/or charged. Upon receipt of the written settlement offer, the SEC may then consider the offer "based on timing, the nature of the investigation or proceeding, and the public interest." – Conrado Diaz Jr.