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):
vander anievas says
ang bansa ba natin ay binubuo ng mga inutil na ahensya na pakinabang lang ang puntirya?
duquemarino says
@CPMers, Tiu’s connection is global and needs sleuths who are master in piercing the corporate veils so as to unmask his operation.
yvonne says
Antonio Tiu has converted Agrinurture and Greenergy into holding companies of his investments. The best way to get back to Tui is to hit him where it hurts most – his pocketbook. And the best way to do this is to the netizens to continue associating Agrinurture and Greenery with Tiu and Binay so that current and future investors in these companies will know what they are getting into. So far, his net worth was down about P1 billion when the stocks price of his holding companies tanked.
Let this send a strong message to businesses that if they associate themselves with Binay they will suffer the consequence – think about Manila Times and Hillmarc.
During the Corona impeachment trial many big name lawyers took a gamble on Corona by providing help in his defense pro bono in the expectation that they will gain judicial access with Corona, in return, if he survived the impeachment. He did not.
Those who are putting their bets on Binay should think twice now because Binay will fail in his bid to win the presidency.
yvonne says
The coming Philippine presidential election will represent a proxy fight between the U.S. and China to assert their influence and super-power status in the Asia-Pacific region. And many people already know whose side Binay is with.
parengtony says
I second the motion.
Allan says
I doubt Binay will fail on his bid to win the presidency, unless he is imprisoned before the election.
Think about this, Erap, has been found guilty and was just pardoned, so it was proven in court that he was guilty, that is undeniable, and yet, if it hadn’t been for the immense popularity of Pnoy last 2010 election. Erap could have been president again.
So I think the supporters of Binay will still vote for him regardless of the weight of the evidence against him, and nothing, besides imprisonment, will stop him from becoming the next president.
Now, if he does indeed ends up in prison, who do you think will be the opposition’s standard bearer? IMO, it would have to be Erap, and we all know, that he’s going to win if that happens, unless the Supreme Court finally release a favorable for us decision on whether, Erap’s pardon gave bacl Erap’s right to run.
Pray that somehow, Roxas, does something heroic in the next couple of years.
Amiel says
Agree. Hardcore/diehard followers/ loyalists, who are blind of binaygate and cannot be swayed, are just too many.
Kalahari says
With due respect, I beg to disagree that billionaire kuno Jojo is a shoo-in in 2016 despite an avalanche of evidence pointing to ill-gotten wealth.
PInoys in general abhor corrupt officials. An example is the gma presidential candidate in 2010 elections, Gibo Teodoro, who got only 11.5% good for 4th place. Gibo is a technocrat and not corrupt but despite the full-backing of govt machinery, gma’s notoriety became his achiless heel.
In the most recent popularity surveys when the senate probe was just starting and has not touched yet on his hacienda, his ratings plummet from 41% to 31% while Mar’s more than doubled from 7% to 13%.
Now that his Rosario’s secret has been blown into pieces – I wonder how he’ll fare in the next surveys even with the help of the CBCP?
Amiel says
@Kalahari, I truly hope that you’re correct and am completely wrong. Kawawa naman kasi ang Pilipinas nating mahal.
jorge bernas says
@ Allan,
Binay will lose in his Presidential Bid come 2016 because of his blatant refusal to attend the senate hearing which is necessary to clear his tainted name, matibay mga ebidensiya at napakaraming mga testigo saka kong wala kang itinatago o ginawang mali ay wala ka dapat katakutan bagkus sisikat kapa at libre media exposure pa… Sa media ang lakas nang loob magsalita nang Politika lang yan at hindi totoo mga yan at gumagastos nang malaking Pera para pagtakpan mga kamalian.
Matalino na mga Botante ngayon at nalantad na ang mga Anomalyang noon pa man ay balitang balita na kaso ang media ay Bingi, Pepe at Bulag ganoon din ang mga religious groups, saka napakabagal nang processo sa Korte at kong minsan NAGKAKASUNDO/NABABAYARAN nang malaking HALAGA…
NO TO POLITICAL DYNASTIES
NO TO BINAY
NO TO UNA
YES TO F.O.I.
YES TO ANTI-DUMMY LAW
jboy says
there’s winning, which he as a good chance of, and there’s staying in office, which would still generally depend on the people. an impeachment court and/or another EDSA revolution perhaps?
this of course, will depend on what becomes of the Government if Binay wins. To be honest, it is not the corruption that will happen when he wins. We’ve uncovered the connection of Binay to Tiu but very few pay attention to Binay’s connection to the communists, socialists, and leftists.
Think about it. Right now he doesnt seem to be interested in defending his wealth. He is defending his access to power.
waray waray says
Because even if all his known money & properties are confiscated now. He can easily get/recover and double/triple it if he becomes president.
But it is known fact that a candidate needs enormous fund to run a campaign, so how can binay finance his campaign if he losses all his money?
leona says
. . . [email protected]
VP Binay could be found guilt and removed from OFFICE before the May 2016 elections in an IMPEACHMENT TRIAL by the Senate.
What happens to his candidacy? His COC is legally DEEMED null and void. Cancelled by the COMELEC body.
The WATER FALLS rushes in.
hehehe
Rene-Ipil says
NBI and SEC together conduct investigation of violations of RA 8799, the Securities Regulation Code. SEC serves as the complainant in these cases.
http://sc.judiciary.gov.ph/jurisprudence/2012/april2012/170425.htm
raissa says
My next post will be about my personal experience and observations during my presence at the Senate Blue Ribbon subcommittee hearing.
Abangan.
Bravo Charlie 2016 says
Is that Raissa interviewing The SEC Chair ? Its sounds like a lady in her 20’s !!
montymor says
I hope you go to the debate as well. Your interview should be brought up by Trillanes since it really is a smoking gun, one of the strongest of the many evidences that Binay owns the property. Maybe there you’ll get to meet Jonvic so he can “teach” you how to be a journalist.
The SBRC really should give you a front row seat to all the hearings. We’d like to hear your take on each event especially behind the scenes perspectives like this SEC interview.
JoeC says
Sounds like it is about time for another episode of the new soap “Our Place In Batangas” featuring Tony complete with big tears, sobs and snotty nose.
Insideout says
There is no doubt that the tepid, if not insulting statement to investors and the public on ANI and Green Energy by the PSE that they are “monitoring” the Senate hearings demonstrates that this factional old boys club has forgotten the public outcry and suspension of the PSE back in 2000 due to the BW scandal. Only difference this time it’s the Vice President not the President involved.
The PSE is the proximate body that could open up ANI and Green Energy immediately to forensic ownership and accounting scrutiny. That even the non expert public can see so many anomalous aspects in the reporting information and lack of it, reinforces the perception of impropriety
Yes they are a Self Regulating Organization (now a corporation) but still operates under the powers granted to it by the SEC (from statutes etc.) As the PSE is not acting (wonder whose influencing that),.the SEC can invoke a range of civil and criminal actions both to the PSE and their erring listed companies, Some actions they can effect themselves and others through other Government departments and agencies, especially the DOJ.
There must be action now and the SEC Commissioner seems to be prepared to initiate something but she needs support so the DAR, PSE, BSP, AMLAC, BIR, DOJ, NBI etc need to act now too.
The Tiu claims of ANI and Green Energy along with those of his Corporate Secretary Atty Subido (do I detect possible disbarment proceedings in the offering?) and their PSE filings are established.
Tiu will likely do a runner so some case must be filed and a hold departure issued.
The investment records of Black River must obtained and the real circumstances of why a company such as this Cargill subsidiary would make an investment in ANI. It just doesn’t stack up unless they were really dealing with the VP on the basis of future promises even if it was the VP’s money essentially lending to himself as a money laundering
Only the BSP/AMLAC have a chance of establishing the BVI companies owner(s).
It would be helpful to know which US Attorneys Subido law office uses in Australia and the USA. Don’t forget James Tiu is in Queensland (I seem to recall Brisbane being mentioned). He is supposedly working for ANI but he might be burying some assets for Binay. The Australian Stock Exchange listing (probably on the “second board” is still a very, very puzzling listing and maybe that’s why the PSE is so quiet as they may well have been an instrumental party in the listing support
.
There is just so much to the web that it would take almost decades to establish and Tiu is only a recent dummy.
However much of Binay’s current support would evaporate overnight and witnesses would come out and cases filed that would topple the whole rotten empire if only the Aquino sisters would break their silence and come out and openly support their brother who must be mightily pissed off that they don’t. Why, you should ask!?
viewko says
SEC? For a small investor like me, its Just a collector of whatever Financial Statements and Corporate disclosures registered companies choose to submit. Submissions are often late and Could be trash, But better than nothing. Me disclaimer naman. heh, heh.
Sana nga, it could do more. Ang direksyon, para yung pera ng unsuspecting investors hindi ma scam. heh, heh.
Joe America says
Very good news, Raissa. Freedom of Information is not just a bill, it is a concept. The concept says we manage our affairs better if we are informed. That holds for shareholders and voters and the press. It should also hold for investigators, of which there are a myriad . . . COA, SEC, DOJ, Onbudsman, NBI, BIR. The next wall to fall should be bank secrecy laws put in place to protect crooks. We will know the balance of power in the legislature has gone from crooks to upstanding people when a law emerges that allows investigators to take the banking information provided by Mercado to a judge and say “we have evidence to show likely fraud and we need a warrant to get bank transaction records from these and related accounts.”
leona says
I agree for the goodness of cleanliness in public service etc.
caliphman says
If a publicly listed corporation is losing money and has negative retained earnings, should not the SEC have regulations requiring detailed disclosure, much less, preventing the company from loaning huge amounts of cash to its CEO and majority stockholder? This happened to Agrinatural, Inc. in 2013 and it seems like the CEO is running AN like a sarisari store and dipping into its corporate till because of poor regulation and lack of enforcement.
raissa says
Are you talking of Agrinurture and ANI?
caliphman says
Thanks for the correction. Thats what I really meant to type ;)
yvonne says
Antonio Tiu acted like a one man “lost command” of ANI, at times making public pronouncements involving the company without the prior knowledge of the Board causing the PSE to seek clarifications from ANI.
With the huge infusion of investment by Black River, a subsidiary of Cargill, which acquired three seats to the Board of Directors of ANI, and the separation of the positions of President and Chief Executive Officer, I think Tiu will be reigned in, if not ousted in the future. I think Black River will institute some needed corporate reforms in ANI to protect Cargill’s reputation with the investment world.
The problem as I see it is the lack of implementing laws, and the lack of will by both the SEC and PSE to implement vigorously our existing laws, that will clean up and improve the investment climate in the Philippines.
In the last 15 years I have been trading in stocks for my personal investment and I must admit that lately I was tempted to buy into ANI stocks as a speculative investment. With a 52-week high of P5.98 and a low of P2.02 – a price in the low P2 per share will be a good entry point, hoping that Cargill, through Black River, will indeed institute some badly needed corporate reforms in ANI. But what is preventing me from doing this is the absence of transparency in the Philippine stock market, the lack of laws protecting small investors, and the lack of liquidity in thinly traded stocks like ANI. In the U.S. stock market, AGNRF, the ticker symbol of Agrinurture in the NASDAQ stock exchange, has absolutely zero trading activity.
Joe America says
Yep. I don’t invest in stocks here for the same reason. Shareholder management of companies is non-existent as the main holders run things as they want, too often jerking around the little investors. I don’t think the big family owners are up to letting go of control so that shareholders are empowered.
caliphman says
If anything, Tiu’s control of the ANI board and of the company itself is growing stronger and not weaker. In May 2013, ANI’s bylaws were changed reducing the BoD from 11 members to 9. This was done by lowering the number of independent directors from 3 to 2 and Black River directors from 3 to 2. Black River with its one third ANI ownership has had little influence on correcting poor controls, sketchy financial reporting policies,and anomalous corporate practices in the past and its hard to expect anything different with less board representation. Clearly there is now an even more urgent need for the SEC to investigate ANI and its affiliate Greenergy in order to protect the investing public.
caliphman says
http://www.ani.com.ph/uploads/downloads/ani_d20is_05102013.pdf
2013 ANI Bylaws change.
yvonne says
That was before the scandal involving Tiu and Binay exploded during the Senate Blue Ribbon Sub-committee hearings, and before the stocks of both Agrinurture and Greenergy tanked in the aftermatch of the Senate hearings. The loyalty of the Board to their investments or their pocketbooks precedes their loyalty to Tiu.
caliphman says
Lets just hope you are right for the sake of the small ANI investor and the battle against the dark forces. I will say no more about this but for that to happen would be very strange given what has just been said about that Board, how they make their money, and who the chief legal and financial officers are. Still Christmas might come early this year :)
Johnny Lin says
In previous postings, file charges against Tiu in foreign STOCK EXCHANGE AND SEC, US and Singapore. That is the only way to guarantee his conviction and incarceration.
Philippine SEC could gather implicating documents.
our agencies don’t have teeth to punish the guilty because they were crafted by corrupt congress protecting them and theirs before enacting laws granting powers to the agencies.
even if Tiu is not present during Trial his companies would be punished to the point he could no longer do corporate business in foreign soil and PSE.
Political will is the solution
tekemon says
way to go!
baycas says
What’s the batting average of SEC in detecting and prosecuting “fraud, manipulation, and insider trading?”
baycas says
A news item exemplifying SEC’s efforts in ridding violations:
SEC looking into 9 cases of market manipulation, insider trading
By: Krista Angela M. Montealegre, InterAksyon.com
October 10, 2012 9:36 AM
Take note of another ‘farm’ being investigated by SEC…
http://www.interaksyon.com/business/45179/sec-looking-into-9-cases-of-market-manipulation-insider-trading
duquemarino says
@baycas, is Lucio Co of Alcorn the same Lucio Cao Co of Puregold chain who was then investigated as one of the 14 major smugglers and a friend of Erap? Just asking!
baycas says
One and the same i believe.
manangjuana says
My very reliable source told me 2 years ago that the ‘missing containers’ reported belongs to Lucio Con of Puregold.
baycas says
In November 2012:
baycas says
Pardon me, but this is a full editorial…
yvonne says
Our securities law should be strengthen, among other things, on the area of public disclosures. The law should make it mandatory for companies like PCD Nominee Corporation to disclose all shareholders who are the beneficial owners of 5%, or more, of stocks of publicly-traded companies.
This will prevent persons with hidden wealth from being shielded from public disclosure by the anonymity given to the beneficial owners of stocks held by PCD Nominee Corporation. After all, these are records of publicly-held companies.
raissa says
I agree. PCD Nominee Corporation is being used to hide true ownership.
PSE should require companies to enumerate ownership covered by PCD.
kalakala says
it is in deed in aid of legislation. another job well done ma’am raissa
kalakala says
it is indeed…
Ron says
Hi Raissa,
Do you have a transcript of the interview?
raissa says
which interview?
ron says
Chairperson Herbosa, thanks.
El Bobo De Camino says
The Senate can make use of the results of this hearing in order to enact laws to strengthen the corporation law! Perhaps, it will give the Senate a valid reason to proceed with the hearing!
raissa says
I have always thought the Senate had valid reasons to conduct this probe.
I am sure laws will be legislated as a result.