From the
Philippine Daily Inquirer.
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Sen. Manny Villar called Fe Barin, chair of the Securities and Exchange Commission, and Francis Lim, then president of the Philippine Stock Exchange, many times sometime between May and June 2007, the Philippine Daily Inquirer has learned.
But the calls, according to SEC and PSE lawyers and brokers interviewed by the Inquirer on separate occasions, were “too many to be easily dismissed and forgotten.”
They couldn’t forget about the calls either, they said, most especially because Villar, then Senate President, wanted the SEC and PSE officials “to throw the exchange rules out the window.”
Villar was seeking the release from escrow of about 1.2 billion of the 5.3 billion secondary shares of Vista Land & Lifescapes Inc. in June 2007 so these could be offered both as primary and secondary shares at the same time, or several days apart.
The Senate President not only made the calls, he also appeared before SEC and PSE board meetings, the lawyers said.
Villar and his wife Cynthia, the Las Piñas representative, are majority stockholders of Vista Land, the couple’s flagship company.
The couple became P6.75 billion richer from the secondary offering of 985.9 million shares that began on July 26, 2007, or within the escrow period of 180 days from the date of initial offering.
Lawyers said this violated article III, part D, section 7, of the exchange’s revised listing rules, which provides for a 180-day lockup on the secondary shares.
Vista Land, formed only in February 2007 to oversee operations of decades-old real estate brands Camella, a listed firm, Crown Asia and Brittany, made P14.5 billion from the sale of 2.12 billion primary shares.
Despite a weak showing in early trade, share prices soared to more than the offer price of P6.90, or up to as much as P7.50 per share. Share prices subsequently took a dive and hardly recovered since the secondary offering.
Simply put, Villar wanted the secondary offering held at once, despite the 180-day lock-up rule. He wanted to seize the day while the market was bullish. And he got it.
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Boy, either these reports are just smear campaign tactics or Manny Villar is one relentless, conniving, lying and corrupt politician. Quite opposite from the image he's trying to project.
Whether you believe this report or not, think carefully on who you should be voting for in the coming election.
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