By Jason Faustino (The Daily Tribune)
Link: http://www.tribune.net.ph/
The mere presence of Villar as Senate president in the offices of Philippine Stock Exchange (PSE) executives and the regulator Securities and Exchange Commission (SEC) or personal calls he made to them is already a form of applying undue pressure, a former Senate president said yesterday.
Former Senate President and Liberal Party senatorial bet Franklin Drilon labeled as “excuses” Nacionalista Party (NP) presidential candidate Sen. Manuel “Manny” Villar Jr.’s claim that he indeed made the rounds with the PSE and SEC in 2007 when he was the Senate president but denied pressuring its officials for his or his companies’ gains.
Villar, in denying that he pressured the PSE, admitted that he made calls to the SEC and met with PSE officials, but said he never pressured them.
Drilon said the issue is not about violating laws but is more of a morality and ethical issue on the part of Villar, as well as delicadeza.
“Manny Villar was the Senate president when he appeared before the PSE. His personal presence was deliberately done and intended to put pressure on the PSE,” Drilon said.“Why didn’t he simply send Vista land executives to PSE? His personal presence at PSC plus his calls to the SEC show his intenion to pressure PSE. While PSE is in the private sector, it is an organization impressed with public interest,” Drilon said.
He added that Villar could state that he did not violate any law or a regulatory rule, when his family’s real estate firms were able to raise billions of pesos through the stock exchange in 2007.
But Drilon said that Villar’s apparent appearance caused indirect pressure on the PSE.
Villar’s attendance when he attended a meeting of the PSE board that was called to discuss an issue about Vista Land & Lifescapes Inc., his holding firm, is an indirect pressure, even if Villar continues to deny the truth.
Villar was the Senate president in 2007 until now Senate President Juan Ponce Enrile replaced him in 2008.
In June 29, 2007, Villar attended the PSE board meeting purportedly to personally justify to the directors why some Vista Land shares should be allowed to be sold to public investors.
Drilon said Villar could have sent his exectuives from Vista, but it seemed that it was not enough as his presence in the boardroom seemed tio send a signal to the board directors in making a decision since Vista Land’s investment bankers and underwriters were about to hit the road to market Vista Land shares to local and foreign investors.
That same day, the PSE board decided to allow the release of some Vista Land shares from escrow. Villar had wanted the board to free up shares equivalent to 30 percent of the holding firm. The board’s decision was to allow only 11 percent. It was generally perceived as a decision in Villar’s favor.
Link: http://www.tribune.net.ph/
The mere presence of Villar as Senate president in the offices of Philippine Stock Exchange (PSE) executives and the regulator Securities and Exchange Commission (SEC) or personal calls he made to them is already a form of applying undue pressure, a former Senate president said yesterday.
Former Senate President and Liberal Party senatorial bet Franklin Drilon labeled as “excuses” Nacionalista Party (NP) presidential candidate Sen. Manuel “Manny” Villar Jr.’s claim that he indeed made the rounds with the PSE and SEC in 2007 when he was the Senate president but denied pressuring its officials for his or his companies’ gains.
Villar, in denying that he pressured the PSE, admitted that he made calls to the SEC and met with PSE officials, but said he never pressured them.
Drilon said the issue is not about violating laws but is more of a morality and ethical issue on the part of Villar, as well as delicadeza.
“Manny Villar was the Senate president when he appeared before the PSE. His personal presence was deliberately done and intended to put pressure on the PSE,” Drilon said.“Why didn’t he simply send Vista land executives to PSE? His personal presence at PSC plus his calls to the SEC show his intenion to pressure PSE. While PSE is in the private sector, it is an organization impressed with public interest,” Drilon said.
He added that Villar could state that he did not violate any law or a regulatory rule, when his family’s real estate firms were able to raise billions of pesos through the stock exchange in 2007.
But Drilon said that Villar’s apparent appearance caused indirect pressure on the PSE.
Villar’s attendance when he attended a meeting of the PSE board that was called to discuss an issue about Vista Land & Lifescapes Inc., his holding firm, is an indirect pressure, even if Villar continues to deny the truth.
Villar was the Senate president in 2007 until now Senate President Juan Ponce Enrile replaced him in 2008.
In June 29, 2007, Villar attended the PSE board meeting purportedly to personally justify to the directors why some Vista Land shares should be allowed to be sold to public investors.
Drilon said Villar could have sent his exectuives from Vista, but it seemed that it was not enough as his presence in the boardroom seemed tio send a signal to the board directors in making a decision since Vista Land’s investment bankers and underwriters were about to hit the road to market Vista Land shares to local and foreign investors.
That same day, the PSE board decided to allow the release of some Vista Land shares from escrow. Villar had wanted the board to free up shares equivalent to 30 percent of the holding firm. The board’s decision was to allow only 11 percent. It was generally perceived as a decision in Villar’s favor.
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