Thursday, September 20, 2012
Joseph Calata Claims that Calata Corporation is not Under Investigation
In the case of the young billionaire, Joseph Calata, his corporation is allegedly investigated due to rumors of stock manipulation. Eastern Samar Representative Ben Evardone was the one who made the appeal about the surprising movements in the shares of the company, which the Securities and Exchange Commission (SEC) answered at once.
The stock shares of the corporation reached P24 per share, which started from P7.50; this was the reason of the corporation's high peaked market cap of P4:3B. Although, at some point of the trading days, the company's share fell almost 26 percent (P5.65 each) and went down as much as 32 percent earlier in the session. These volatile stock swings led to the accusations of stock manipulation within the company.
According to Jose Fabella, Calata Corporation's Corporate Secretary, it was Joseph Calata, the corporation's chairman and president, himself who called and requested the Philippine Stock Exchange (PSE) to inspect the unusual movements of stocks. The young CEO confirmed this in an interview with ANC.
Joseph Calata asserts that his company is not under investigation as it is the shares and the shareholders that are involved in the said issue. He stated that what happens within the buying and selling in the trades by other shareholders is already beyond his control and if the company itself was under investigation, they would have been notified. Because of the price manipulation scandal, Calata admits that it affected some of the plans he had made for the company.
"Medyo nakaapekto siya, pero sana nga maintindihan ng mga tao na 'yung iniinvestigate ay 'yung mga trades and 'yung mga nag-trade ng Calata. [It (the scandal) affected the company, but I hope the people would understand that the ones being investigated are the trades and the traders of Calata]" says Calata in his ANC interview.
Scandals like this one should be dealt with carefully and the facts should be stated clearly. Those who are only spectators of controversial issues should make sure they have heard all the sides of the story before they comment or spread them. Although the price manipulation scandal can be confusing at the beginning, after Calata Corporation's board have said their piece, it goes to show that their company itself was not under investigation at all.
more news about Calata Corporation on http://calatacorp.blogspot.com/