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SEC Chair wants power to kill fraudulent firms & jail erring officers

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By Raïssa Robles

On the day I gave my testimony before the Senate Blue Ribbon sub-committee my seat mate during the hearing was a very pleasant but tough-talking lady: Security and Exchange Commissions Chair Teresita Herbosa.

During the hearing, we exchanged reactions to what we were hearing from the other “resource persons” who had been summoned like us to testify that day, October 30.

Chairwoman Herbosa told me she came to submit a stack of documents which were requested by the sub-committee, including financial records of the various companies that businessman Antonio Tiu had mentioned as having to do with what many people now refer to as “Hacienda binay”.

Realizing that it’s not everyday a journalist gets to sit beside the Chair of the SEC  – a vital agency in regulating corporations – I decided to interview Chairperson Herbosa during one of the breaks.

I asked her if, in the light of the ongoing probe, the present Corporation Code could deal with fraudulent activities of corporations and their officers and owners.

Here’s what the SEC Chair said. (Pardon the video. The fluorescent lighting in the Senate session hall skewed the light meter on my phone):

Comments

  2. Tiu’s reputation is not only stained but completely demolished. Hacienda Binay saga is a sad movie that made Tiu cry.

    “Rightly or wrongly, Tiu’s professional reputation has been stained by events in the investigation of the alleged unexplained wealth of Binay.

    Unless Tiu comes up with effective damage control measures, the benefit of the doubt that many have given him at the start of the subcommittee hearing may be irrevocably eroded.”

    Read more: http://business.inquirer.net/181698/antonio-tiu-stained-professional-reputation#ixzz3IbyJY9xL
    Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

        • true, kaya nga muntik na rin si pnoy sa insinuation ng 2nd term.
          sabagay, ako ay naniniwalang hindi niya iyon totoong hahangarin.
          kumbaga, kinadyot lang niya sa sikmura ang walang habas na mamumuna niya.
          kita naman natin ang epekto.
          naawat nang konti ang bula ng sapa ng mga maiingay.

    • sana napanood at napakinggan ni BINAY ang interview na ito ni Cong Leni Robredo. para kahit konti mapahiya sya(kung meron pa syang kahihiyaan). maski yung mga anak ni binay sana mapanood nila.

  4. What was taken up or discussed at the CBCP with the VP Binay? Someone here at CPMers asked this question.

    This is what happened: It’s so far a SECRET. Bishops do not want to reveal it to the Roman Catholic people here. Secret. How can they do that to us?

    Are with the members of this Church to be kept in IGNORANCE about that MEETING? Well, it seems so.

    “At their national meetings, U.S. bishops have conducted an increasing amount of work behind closed doors in recent years. The sessions they opened to the public featured little debate. Thavis said the gatherings had come to feel like meetings of a “politburo.”

    News.yahoo.com.

    A POLITBURO meeting! Pope Francis’ dislikes this. “But the challenge Francis poses extends beyond specific issues. His emphasis on open debate and broad input from lay people stands in stark contrast to how the U.S. prelates have led the church for years.”

    Open debate He prefers. Broad input from LAY PEOPLE vs how the Church prelates have led the church for YEARS.

    Meaning: No Secrets. Nothing hidden.

    What did VP Binay tell the prelates? Guess 1: ‘I am being CRUCIFIED!’ ‘I am like our Lord being ACCUSED of blasphemy!

    Guess 2: ‘I am INNOCENT! ‘I will not, like our Lord, deal with these senators at the hearing as I am the Vice President of the Philippines!

    Guess 3: ‘They are ACCUSING not only ME but everybody in MY FAMILY!’ ‘I will not be CRUCIFIED like the Lord!’ ‘They will MOCK ME! Insult Me! Slap ME! But will NOT CROWN ME with THORNS!’

    ‘I will NOT SUBMIT to such HUMILIATION ever!’

    This goes on and on for how many hours? Three hours? Gosh!

    The Prelates, trying hard not to, were taken ABACK! Shocked! Ashamed! Everyone of them immediately WENT TO CONFESSION.

    hehehe

    • If you read the PDI there’s an article Binay presidency scares priest who sat on CBCP panel with VP, we get a glimpse of what transpired in the that meeting. Interesting read and comments.

      • Kala@ . . . I read it but the priest told only a tip of it…a couple of words. It’s a TOTAL top secret!

        • how could these priest involved in political matters, don’t they know they should only be involved in religious matter like helping the Yolanda victims those that has nothing to eat? Instead they do something where they will earn, doing sermons of 10% donations…bad, very bad…

          he he he

        • The priest being referred to is Father Gariguez, but what he said was in reply to the clamor of the people for Pnoy to resign. He then told them that it is scary for the country to have a president like Binay. What transpired in their meeting with Binay should be made public the same thing what those accusing Binay of corruptions. The CBCP must be transparent and must tell the people, so every body must know whom to vote in the 2016 presidential elections.

    • Bishops are remnants of Padre Damaso hence not a good reference, the best way for VP Binay to neutralize the issue is to forget about Presidential race, instead donate all his cash to victims of natural disaster go to jail. Pardon is apparent for this Robin hood act…somehow…

      • @macspeed,
        mission impossible.
        pag nakasanayan na,
        kasama na sa sistema ng pamumuhay.
        si makoy nga kahit gupo na sa lupus niya,
        nang tumakas pa-hawaii, muntik nang mabitbit ang malakanyang!
        kaya ang lupus na lang ang isa sa ating pag-asa.

  5. Si Binay ay magnanakaw at siya ang ating pangalawang pangulo (PP). At ayaw ng taumbayan ng PP na magnanakaw. Kung ayaw ng sambayanan, dapat patalsikin sa puwesto.

    Lalong ayaw natin ng pangulo na magnanakaw. At kung hindi natin mapatalsik si Binay mula PP ay siguradong siya na ang pangulo natin sa 2016 kahit pa siya ay may kaso na sa Sandiganbayan.

    Kaya ngayon pa lang ay tanggalin na ng taumbayan si Binay sa kanyang kinalalagyan bilang PP. Ngunit ano ang dapat gawin ng taumbayan na naaayon sa ating batas? Kung hindi magagawa ito ay rebolusyon at madugo ang mga susunod na pangyayari. Kailangan muna ay mga hakbang na ayon sa batas.

    Tanggalin si Binay mula sa pagiging PP at siguraduhin na hindi siya maaaring kumandidato bilang pangulo sa 2016.

    Una ay dapat siyang ma-impeach ng lower house. Pangalawa ay ma-convict siya ng senado. Pangatlo sana ay masentensyahan siya sampu ng kanyang kaanak at mga kasabwat at tuloy mapreso.

    Sa una at pangalawang hakbang pa lang ay hindi na maaaring maging pangulo si Binay. Kapag na-convict siya ng senado ay hindi na siya maaaring kumandidato sa anumang posisyon sa gobyerno. Kaya yung pangatlo ay para hindi na siya makapurwisyo sa hinaharap at hindi tularan ng kapwa Pilipino.

    Subalit may mga nagsasabi na kung ma-impeach man si Binay sa kongreso o mababang kapulungan ay tiyak na pawawalang sala o acquitted naman sa senado. Ngunit tandaan nating lahat na ang mga kongresman at mga senador ay kinatawan ng taumbayan. At kung ano ang gusto ng taumbayan ay siya lamang dapat gawin ng mga kinatawan nila. Kung hindi nila susundin ang gusto ng taumbayan, sila naman ang tanggalin at palitan sa puwesto sa pamamagitan ng eleksyon kung nararapat at napapanahon.

    Napapanahon ba na kung hindi kikilos ang kanilang kinatawan ay hintayin na palitan muna sila sa darating na eleksyon sa 2016?

    HINDI. . . aanhin pa ang damo kung patay na ang kabayo. Maaaring palitan ang mga kinatawan ng taumbayan sa darating na eleksyon. Ngunit kasabay nito ay ang panalo ni Binay bilang presidente sa 2016. Kaya ano ang nararapat gawin ng taumbayan kasama na si PNoy at iba pa na nagnanais ng matuwid na daan kung hindi ma-impeach ng kongreso at ma-convict ng senado si Binay?

    Sa impeachment at trial ni Binay ay malalantad sa sambayanan ang tunay na ugali, katauhan at katiwalian ng mga kongresman at mga senador.

    Sa pamumuno ni PNoy, magtipon-tipon sa Luneta at iba pang lugar sa bansa ang milyon-milyon na Pilipino at iutos sa PP, mga kongresman at senador na lisanin nang mahinahon ang kanilang puwesto sa gobyerno. Kung tumanggi sila ay sapilitan na paalisin mula sa kanilang opisina o kaya ay ikandado ang kongreso at opisina ng PP. Ang militar at pulis ang magiging protektor at katulong ng sambayanan.

    Sa madaling panahon ay baguhin ang konstitusyon nang naaayon sa kagustuhan ng sambayanan habang patuloy ang pag-usig kina Binay at mga kasabwat.

    At sa palagay ko ay hindi kailanman man susuwayin ni PNoy ang kagustuhan ng kanyang mga “BOSS.”

  6. OT…

    Slowly, Stealthily, Surely

    2012

    wwwdotfacebookdotcom/notes/jojo-binay/vp-binay-barangay-officials-now-pag-ibig-members-presses-for-gsis-coverage/487787931246043

    2013

    wwwdotabs-cbnnewsdotcom/video/nation/10/28/13/vp-binay-barangay-polls-important

    wwwdotmbdotcomdotph/binay-joins-seniors-in-barangay-polls/

    2014

    wwwdotnewsinfodotinquirerdotnet/593124/binay-pushes-for-regularization-of-barangay-officials

    wwwdotsunstardotcomdotph/pampanga/local-news/2014/04/09/binay-wants-more-perks-barangay-leaders-337405

    wwwdotmbdotcomdotph/binay-seeks-regular-govt-jobs-for-barangay-execs/

    Just this week…

    wwwdotovpdotgovdotph/index.php/19-press-release/government/344-vp-binay-renews-call-to-revisit-local-govt-code

    wwwdotsunstardotcomdotph/cebu/local-news/2014/11/07/vp-binay-rama-touch-base-public-375326

    Binay, UNA na sa Barangay???

    • Great sleuthing baycas. In my opinion we are seeing a true Napolean complex regarding the conquest of the presidency and the acquiring of huge masses of wealth.

    • . . .for SOME brngay kapitans, SOME brngay KAGAWADS but also ONLY SOME OF THE BARANGAY VOTERS!

      . . . summa total = 10% lang naman sa barangays nationwide.

      hahaha

    • Sun Star Zamboanga
      Saturday, November 8, 2014 (Bong Garcia)

      “ZAMBOANGA. Vice President Jejomar Binay explains in a press conference Saturday why he usually drops by the public markets of places he visits.

      Binay said the public market is a place where one can find and talk to people either from the remote or urban areas to know their sentiments.

      He said the public market is a place that refreshes his memories of the past citing he used to go on market errands for the family as a young boy.”
      ———————————————————————————————————————————————————

      public markets especially fish section…. he LOVES something FISHY

      • excerpt from:
        VP Binay, Rama ‘touch base’ with the public
        By Princess Dawn H. Felicitas
        Friday, November 7, 2014

        Walking tour

        During his visit yesterday, Binay walked for four hours from the Senior Citizen’s Park to Carbon Public Market in Barangay Ermita, then to Barangay Pasil passing by the Pasil Fish Market that was damaged by the 7.2-magnitude earthquake last year.

        He and Rama were accompanied by Vice Mayor Edgardo Labella, barangay captains and officials, members of the senior citizens group and homeowners associations, among others.

        They then went to the San Nicolas Gym in Barangay Basak San Nicolas and to the Taboan Public Market where they had a boodle fight. In Taboan, also seen were former Manila mayor now Buhay Party-list Rep. Lito Atienza and Valenzuela Rep. Sherwin Gatchalian.
        Meeting the people

        Binay mingled with the market vendors, the elderly and residents and distributed T-shirts. He also had his photo taken with them.

        Rama said the crowd that welcomed Binay yesterday was an affirmation that the Vice President still has the support of the Cebuanos.

        The mayor said he organized the walk because Binay wanted to meet the public.

        “Di man sad mahimo nga mopalayo mi sa tawo kay ang mga tawo ang naay gahum (We can’t be far from the people because they are the ones who voted us into office). They are the wind beneath our wings,” he said.

        The mayor said he doesn’t mind if the activity came out like they were campaigning, saying he and Binay had already announced that they are running in 2016.

        Binay is eyeing the presidency while Rama is seeking his third term as mayor.

        • Ang katotohanan

          Ang Pilipino maawain at mabait. maganda ang pakita pero habang naglalakad si Binay binubulong ng taong bayan sa sarili o kaya sa katabi
          “Akala mo kung sino makaasta na mahirap, ganid namayaman naman sa pagnanakaw at manhid pagmumukha, bakit nagtatago sa Senado, kasi may tinatago”

          Hindi ba ninyo napansin walang wide angle shot pina-pakita na dinudumog si Binay sa palengke, kasi ang nakapaligid sa kanya yung mga alalay lamang niya.

          Pinakatsismosang lugar at tuloy tuloy nakikinig sa malakas na radyo pag matumay ang negosyo na bago mag-tanghali ay ang palengke. Ginagawang tanga ni Binay ang mga tindera sa palengke.

          Daga ako ng palengke, tawag sa akin ay “Mondoy palengke”

          He he he!

        • hay, magaling umarte yong mga tindera, anything to make binay spend. they’ll smile, clap and shake hands with him. and promised to vote for him, but then, they promised the same to all politicians.

          it’s different story when binay turned his back. ang hayup na yan, hindi binili ang lahat na paninda namin, walang tip pang binigay pangbayad sa lahat na stall. ang sungit!

        • everybody goes to market, not just binay. flies (lagong!) go to markets too, fleas as well. moreso with thieves and pickpockets. binay is in good company. he feels right at home.

        • That’s why they should be censured or disqualified by the Comelec for early violation of the campaign law. It did not come out like early campaigning, they did it intentionally.

    • Dati na. Kaya nga dami niya sister cities diba. Hindi lang yon– buobuong city councils. Hay exasperating. Tapos ngayon akalain ng Yolanda victims galing sa kanya ang mga bahay. Dapat tanggalin na ni PNoy sa HLURB. And then some.

      • Oo, dati na…look at the timeline.

        “Slowly, stealthily, and surely securing the snare of the smallest section of society” will deliver the much needed votes come May 2016.

        Separate yan sa “sisterhood.”

        Separate pa ang “shelter” o pabahay.

        Separate pa sa mga other ssstrategies na nakasaad dito: http://raissarobles.com/2014/11/01/heres-my-2010-profile-on-vice-president-binay-based-on-my-one-on-one-interview-with-him/comment-page-3/#comment-198554

        • Was the Campaign Election Law still in effect after that ‘next day May 2010’ he started immediately to campaign for the pres’l election? Tapos na ang election may campaign pa siya?

          Bawal na siguro…hehehe

        • But on May 11, 2010 there was no candidate to speak of anymore…

          Binay’s presidential campaign since that day up to the present is not covered by the prohibition of ‘early campaigning.’

          Let’s see if legislators will go out of their way in rectfying what J. Carpio had termed “flaw in the law.”

          Remember that Cynthia Villar was not cited for electioneering (for her barrage of TV ads) which was done before she filed her candidacy.

        • may batas tayong lihis sa common sense.
          lihis sa tamang modo.
          parang gawa ng isang moron.

  7. Now showing at the Repetory Theatre Makati, Binaybaba and the Forty Thieves.
    To be followed by, Snow White and the Seven Binays.

  10. I do not know much about the Corporation Law (Code) these days. But hearing from the Chair of SEC, re whistleblowers ‘whistles’ should be incorporated?. . . into the Code to PROTECT CORPORATIONS AND THE innocent STOCKHOLDERS/Shareholders.

    Like the Internal Revenue Code, that an alert lawyer has to be able to KEEP TRACK of so many kilometric new provisions of the Code. Same thing with the CORPORATION CODE. . . as OLD AS OF 1980?

    So many recent SCAMS of corporations like those who LOST their SAVINGS and INVESTMENTS for educational use for their children is one example. Rural Banks corporation that suddenly CLOSED and the money of depositors flew. . . ‘corporationing’ is or was involved other than being a BANK corporation.

    Good Ma’m Raissa took that once-in-a-chance to interview the good Chair of SEC. Thank you.

    Hacienda Binay/Tiu is involving corporations here. Very relevant and material to the Code’s relic provisions.

    • @leona,
      correct ka jan.
      2 anak ang ikinuha ko ng pre-need sa CAP.
      early 90’s pa un. tig 90k per child.
      tapos na ang 2 pero hindi naka-avail ni singko.

      however, last year ay may nakuha akong claim na almost P10k + 8k resp.
      na nai-hold pa ng ilang panahon bago nai-release.
      halata mong minamaniobra upang mai-delay ang releasing.
      kung wala pa akong nakilala sa loob, baka di pa nai-release.
      so far iyan pa lang ang napakinabang ko sa inaasahan kong 300k na ganansya.
      kaya maging iyang SEC ay parang isa pa sa mga liabiblities ng bansa.

      • @vander anievas. ako rin, may kinuhang plan sa CAP. Hindi rin nagamit dahil nagsarado na. Nagtanong-tanong ako noon kung paanong i-claim, walang nakakaalam. Saan ka nag-file ng claim?

        • I did that … Filed in 2007 but until now nothing has happened. Not even a word or notice from CAPal. My daughter, who supposedly was
          the recipient, graduated in 2011 and is now working. Ditto for another daughter. To think that we saved that hard earned money ….

        • Sobrepena owns CAP. He has lots of children and grandchildren. Many children’s future were destroyed by Sobrepena while his children and grandchildren enjoyed the spoils of hard earned money of victims.

          if this happened in other countries, his family would suffer. Time is on your side. They are still around

      • . . . vander@ Amiel@ AND feb-up@ . . . sorry to hear you got into such thing.

        . . . the hassle alone and expenses to get back or recover may ADD more LOSSES of what you LOST.

        . . .the corrupts LOOKS LIKE THEY GOT AWAY WITH IT.

        … I did not go into it knowing ahead some dangers or risky RISKS were lurking. I said, HECK! If I cannot send my KIDS to finish schooling up to college, it’s not because I don’t have the money.

        Ingat talaga.