SEC case vs Ongpin not yet over — Duterte

MANILA, Philippines — President Duterte has expressed displeasure over the Court of Appeals’ decision to junk with finality the multiple counts of insider trading cases against businessman Roberto Ongpin in relation to his shares in Philex Mining Corp.

“Ongpin just got out of (the cases for) monopolies and everything…There’s a law against that. It was dismissed. Of course, he has been there since the time of Marcos. He’s a player. So I told him, ‘do it not now, not now’. Not under (my administration),” Duterte said, referring to Ongpin who was a finance minister during the Marcos regime.

In a speech last night during the inauguration of a drug rehabilitation facility in Malaybalay, Bukidnon, the Chief Executive also said “I don’t give a s*** who you are. I might slap you in public. If I ask you a question in public and you give me the wrong answer, then it is called ‘sampalation’.”

He earlier criticized Ongpin, calling him one of the oligarchs in the country.

In a five-page resolution, the special 13th Division of the CA affirmed its earlier decision that reversed the ruling of the Securities and Exchange Commission that found Ongpin liable for 174 counts of insider trading.

Duterte said the SEC case against Ongpin is not yet over as the office can still file an appeal before the Supreme Court.

“This court is therefore not convinced that a modification of our ruling is warranted,” read the ruling penned by Associate Justice Ma. Luisa Quijano-Padilla.

The appellate court did not agree with SEC’s conclusion that all the elements of insider trading were established during its investigation and that Ongpin should be meted the penalty of P174 million.