The following is the letter of Eusebio Tan to Jose Pardo, chairman and independent director of the Philippine Stock Exchange. Tan is leaving the PSE board after his Venture Securities was blamed for the P700-million stock fraud which led to the downfall of R&L Investments in 2019.
As released
Statement of Chairman Jose Pardo
On Yosi Tanco, providentially, he texted me while I was at the Nomelec meeting to call him. Before I could even intimate the proceedings at this morning’s Nomelec meeting, Director Tanco told me after serious reflection and discernment, he decided that best for him to withdraw his candidacy. In short, he decided to take the moral high ground and not put at risk the reputation of an institution he holds in high esteem — the PSE. All the more admirable because it was a decision he made without knowing the outcome of Nomelec’s decision. Truly laudable and a noble act. He told me to expect a letter of withdrawal addressed to me as board chair. — As released
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