During the trading days of the corporation, their stocks had been undergoing a rollercoaster ride where the shares reached P24 per share but along the way declined to as low as 32 percent which alarmed the corporation’s CEO, Joseph Calata, who immediately called the Securities and Exchange Commission.
After a swift investigation of four months, SEC will proceed with the filing of criminal charges against the shareholders involved in the manipulation. SEC also cleared Calata Corporation claiming that the firm is not involved in the allegations.
The SEC worked quietly and did not involve those who should not be involved which can be the reason why they were able to finish the investigation quickly.
After the alleged probe of the corporation, Calata expressed his support for planned reforms in the capital market.
Such reforms are needed in order to protect the reputation of companies listing in the stock exchange and encourage more entrants into the capital market.
- Says Calata.
He also added that the SEC is now in a perfect position to put more reforms in place based on the lessons from the experience of Calata Corp.