Criminal raps eyed vs Ongpin.

A day after President Duterte singled out former trade minister Roberto Ongpin in his anti-oligarch campaign, the Securities and Exchange Commission (SEC) is considering filing a criminal case against the businessman.

SEC chairman Teresita Herbosa said the agency would strongly oppose the injunction petition filed by Ongpin with respect to its decision to slap a P174 million fine against the businessman.

The SEC order also prevented Ongpin from holding a position in a publicly listed company.

“Ongpin’s appeal refers to the administrative aspect of the insider trading case and is separate and distinct from the criminal action which the SEC may file before the Department of Justice.

The accused in such action shall upon conviction suffer a fine of not less than P50,000 nor more than P5 million or imprisonment of not less than seven years nor more than 21 years or both at the discretion of the court,” the SEC said.

Herbosa said the SEC would see to it that the Office of the Solicitor General, would be provided with all the legal and technical assistance in the interpretation and application of securities laws.

Herbosa, who used to be a co-managing partner of Angara Abello Concepcion Regala & Cruz Law Office ( ACCRA),

believes the SEC has a strong case against him.

“We wouldn’t file if it (it’s not a strong case),” Herbosa said.

She said that while the SEC abides by the TRO, it believes that its issuance does not satisfy the stringent requisites for the issuance of the extraordinary writ.

The general rule is that an appeal shall not stay a judgement under appeal, Herbosa said.

“The CA can only direct otherwise upon such terms as may be just under the circumstances,” she added.

Under the Securities Regulation Code, the SEC is mandated to “minimize if not totally eliminate insider trading and other fraudulent or manipulate devices and practices,” Herbosa said.

The case has been set for hearing on Aug. 23 and 24 to determine the propriety of the issuance of a writ of preliminary injunction.

As this developed, Ongpin resigned as chairman and director of listed gaming company PhilWeb and all of its subsidiaries effective yesterday.

PhilWeb shares plunged 36.88 percent to P8.95 Thursday.

According to the SEC, Ongpin benefited from insider information as a director and shareholder of Philex Mining Corp. when he acquired additional shares in the mining firm prior to the sale of the company to the First Pacific group in 2009.