Castro clarifies statement on BW scandal report

MANILA, Philippines - I write in connection with the article published in your newspaper last April 16, 2009 entitled “BW’s Tan gave Lacson 300,000 shares, documents show” as written by Mr. Tony Calvento.

In the said article, it was reported that, “Broker Raul de Castro confirmed to The STAR over the phone that Tan had indeed made an instruction”, such statement referring to a supposed document that Dante Tan gave now Senator Lacson 300,000 shares.

I did not confirm any such instruction from Mr. Dante Tan as quoted in the report.

For clarification, what I said to Mr. Calvento on the matter was:

“Starting the last quarter of 1999, a full-blown investigation was conducted by the Philippine Stock Exchange. The Securities and Exchange Commission, and thereafter the Philippine Senate headed by the late Senator Roco on the so called “BW Scandal”. The documents pertaining to all transactions executed by our office, including order slips, contracts, confirmations, official receipts, disbursement vouchers, cheques issued, transfer letters, In and Out receipts, etc, were transmitted to these government agencies. Most of the originals were given to the lead investigating agency, the SEC. Since these documents have not been with us for many years and we no longer have copies of the same, we are not in a position to confirm the existence or authenticity of any of the documents pertaining to BW transactions.”

A.T. de Castro Securities Corp., along with other brokerages belonging to the Philippine Stock Exchange, practice a strict and aboveboard professional execution of clients’ orders. The courts have long cleared our names on this matter and I am saddened by the fact that we are now being dragged into this once again.

Also, it is repeatedly reported in your newspaper that the BW stock price “rose dramatically the next few weeks, reaching a staggering P130 by November”. Upon checking the archives of the Philippine Stock Exchange, it appears that the BW stock price hit a high of P107 on October 11, 1999, and had corrected down to P29 - P42 by November 1999.

I write this clarification not to request for published retraction or correction but to ensure that ensuing articles pertaining to the abovementioned matter will no longer carry the error.

Thank you and I trust that you will continue to uphold responsible reporting by The Philippine STAR as you have over the decades. – RAUL D. DE CASTRO, Makati City