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SEC lauds DOJ indictment of Abra Mining execs
The Department of Justice (DOJ) has indicted Abra Mining & Industrial Corp. along with its directors, officers, transfer agent, and certain stockholders for alleged unauthorized and fraudulent trading of shares from 2015 to 2019.
The DOJ found prima facie evidence with reasonable certainty of conviction for violations of the Securities Regulation Code.
The criminal complaint was initially filed by the Securities and Exchange Commission (SEC) in May 2024.
The charges stem from the issuance of shares in excess of those registered with the SEC and listed on the Philippine Stock Exchange.
These unregistered and unlisted shares were reportedly offered to the public after being lodged with the Philippine Depositary and Trust Corp. (PDTC).
The DOJ also implicated company officers James Beloy, Amelia Beloy, Premy Ann Beloy and Joel Albert Beloy, as well as stockholders Joseph Acuesta, Ferdinand Collado, Leila Collado and Susan May Gacelo.
Stock transfer agent Asian Transfer & Registry Corp. was also charged.
SEC chairperson Francis Lim lauded the indictment as a vital step in upholding trust and confidence in the capital market.
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