Tanco withdraws PSE board nomination

Businessman Eusebio Tanco, director of the Philippine Stock Exchange, has decided to withdraw from the upcoming elections of the PSE board this July 1 despite earlier being nominated for director.

In a June 16 letter to PSE chairman Jose Pardo, Tanco said he was withdrawing his nomination as director, citing delicadeza amid issues raised against his brokerage company, Ventures Securities Inc. (VSI), which he said were “unjustified.”

“Recent events which, unfortunately and unjustifiably, have besmirched the reputation of Ventures Securities and its officers and employees compel me, out of delicadeza, to decline the nomination for membership in the board of the exchange,” Tanco said in his letter.

Pardo, for his part, said, “he (Tanco) decided that it was best for him to withdraw his candidacy. In short, he decided to take the moral high ground and not put at risk the reputation of an institution he holds in high esteem… the PSE. All the more admirable because it was a decision he made without knowing the outcome of Nomelec’s decision. Truly laudable and a noble act.”

The nomination period for the PSE’s elections ran from April 29 to May 14. After which, a list of candidates including Tanco was published on the website.

In the same letter to Pardo, Tanco said VSI intends to contest the findings of the special hearing panel of the Securities and Exchange Commission (SEC) which ordered the revocation of the license of VSI in connection with its alleged role in the anomalous transactions of people connected with of R&L Investments.

“The investigation into the anomalous conduct of one Marlo Moron of R&L Investments has unnecessarily dragged Ventures Securities. Records show that Mr. Moron, acting as both trader and settlement clerk, in violation of the SEC rules for a brokerage firm, executed EQ trades indicating that he has the access code of R&L Investments to utilize the PCD system,” Tanco said.