PLDT, 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 overrun,” the company told the stock exchange before meeting analysts and investors for a “special briefing” at the Dusit Thani hotel in Makati City.Meanwhile, Philippine Stock Exchange, Inc. President and Chief Executive Officer Ramon S. Monzon said a preliminary investigation revealed no indication of fraudulent trades before the company’s announcement regarding its massive budget overrun on Friday last week.
The Securities and Exchange Commission is investigating the alleged “sell-off in shares” before the disclosure. It directed PSE and Capital Markets Integrity Corp. to submit initial reports on their investigation into the trading activities that resulted in the sudden and sharp decline in the share prices of PLDT before the announcement.
At the special briefing in Makati, PLDT Chairman Manuel V. Pangilinan, who avoided the press, explained to investors and analysts the company’s decisions on its elevated capex, according to an attendee who requested anonymity. PLDT’s Jeremiah M. de la Cruz, senior vice-president and head for consumer business, said separately that the company’s officials are “working together as one team.”PLDT shares closed 19.35% lower at P1,192 apiece on Monday after its announcement on Friday of the capex overrun. The stock was down 28.54% from its P1,668 peak last week.
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