PT&T to settle P3.8-M penalties slapped by PSE

PHILIPPINE Telegraph and Telephone Corp. (PT&T) said on Tuesday it would settle the P3.8 million in penalties imposed by the Philippine Stock Exchange (PSE) so as not to derail its plan to resume trading.

The third telco aspirant said in a statement it would “fully cooperate” with the bourse so that the trading suspension on the company would be lifted.

This came after PSE President and CEO Ramon Monzon said on Monday he was “totally surprised” by the optimism of PT&T despite its non-compliance with structured reports, violations of disclosure requirements, and legal proceedings involving corporate rehabilitation not being disclosed on time.

Monzon said the PSE’s disclosure rules had been “blatantly disregarded” by the company, which could result in “delisting of PT&T from the

On August 30, PT&T President James Velasquez asked the PSE to lift the trading suspension and settled P635,000 in penalties slapped on the company.

“We paid what we were aware of as of August 31, and if there are additional penalties we will settle those as well to comply. We wish to cooperate with the PSE and have the fervent desire to resume trading on our shares,” the company said. Three days after, the bourse wrote letter to the group informing of a P3.8 million in outstanding penalties covering the years 2011 to 2018.

“There has been some confusion/ miscommunication, but we will work closely and cooperate to the end with the PSE for the lifting of suspension. We wanted to inform our shareholders that PT&T is doing its utmost to comply with the requirements to lift the suspension to protect and pursue their interests,” PT&T said.