With a whopping P48-billion in “budget overruns” under scrutiny, PLDT chair Manuel Pangilinan admitted to investors he had been remiss in poring over the telco’s accumulated capital expenditures in recent years. | InquirerBiz
He was responding to an analyst who asked where internal controls may have broken down and what’s being done about it.
“So, the data are there. It is within the system,” MVP said. “The question is: to what extent are the accumulated and unspent capex reported at our level?” Four vendors, namely Cisco, Huawei, FiberHome and Ericsson, are the key players here. During the briefing, MVP and his team assured investors that a significant chunk of the capex had been delivered and that the assets—mostly related to 5G rollouts—are sitting in the warehouses of either PLDT or the vendors and are just waiting to be installed once PLDT is ready to do so.
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PLDT reiterates no fraud uncovered in P48-B budget ‘overrun,’ cooperates with regulators’ probes“PLDT has not unearthed fraudulent activities in relation to the capex overrun. It will make the necessary disclosures if this changes in the future,” the telco said in a disclosure to the Philippine Stock Exchange (PSE).
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PLDT: Earnings ‘unaffected’ by P48-B budget overspendPhilippines largest telecommunications company PLDT Inc. said Thursday that its earnings this year are shielded from the recent discovery of P48-billion in capital expenditure (CapEx) overspending.
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Typhoon, pandemic cited in P48-B PLDT overrun - BusinessMirrorTHE management team of PLDT Inc. admitted fault on oversight functions over the P48-billion budget overruns it recently unearthed within the organization, an irregularity that they blame on Typhoon Odette and the pandemic. One of the analysts who joined the company’s briefing for investors and analysts on Wednesday disclosed that PLDT bigwig Manuel V. Pangilinan
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PLDT CFO asked to go on leave amid P48-b cost overrun messPLDT’s stock price rebounded 5 percent Wednesday to close at P1,250.00, after losing 31 percent of its market value in the previous eight trading days on speculation of an impending management shakeup related to the cost overrun. READ:
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PLDT, PSE say no fraud involved in P48-B overrun - BusinessWorld OnlinePLDT, Inc. maintained on Wednesday that its probe into the P48-billion budget overrun has so far yielded no evidence of fraudulent activity. “PLDT has not unearthed fraudulent activities in relation to the capex (capital expenditure) overrun,” the company told the stock exchange before meeting analysts and investors for a “special briefing” at the Dusit Thani […]
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US law firms probe PLDT over budget overrun lossesSeveral shareholder rights litigation firms in the United States announced separate probes on behalf of investors of PLDT amid its budget overrun and violations of securities laws.
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