Philippine Daily Inquirer
1:14 pm | Wednesday, January 22nd, 2014
ALPHALAND Tower on Ayala Avenue
MANILA, Philippines – The management of property developer Alphaland Corp. filed a complaint at the Securities and Exchange Commission against two executives of British fund Ashmore in relation to the alleged misrepresentation of a 2012 equity deal.
A Singapore-based unit of Ashmore earlier stated it had sold in December 2012 a 2.5 percent stake in Alphaland to Credit Suisse, a P942-million deal that allowed Alphaland to meet a 10 percent minimum public ownership requirement and avoid being suspended from the Philippine Stock Exchange. It turned out that Ashmore remained the beneficial owner of these shares.
“This criminal complaint is a natural consequence of our disclosure to the PSE and the SEC as well as the Financial Conduct Authority of London regarding the misrepresentation,” said a statement from Alphaland on Wednesday.
Two Ashmore executives, Alexandra Autrey and Thomas Donnelly, were accused by Alphaland of violation of the Securities Regulation Code.
The SEC is the corporate watchdog in charge of implementing the Philippine securities law. Once the SEC determines that there are violations of the law, it can endorse the case for court prosecution.
If found guilty by a Philippine court, the Ashmore officers face prison term ranging from seven to 21 years, the Alphaland statement said.
Recently, Ashmore senior management found out that the said sale of 2.50 percent of Alphaland was only “simulated” as then and now, Ashmore continues to own the block. Among the basis for this claim was a written communication from Donnelly to an executive of a party interested in buying out Ashmore’s entire stake in Alphaland.
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Tags: alphaland corp. , ashmore , Business , complaint , equity deal , misrepresentation
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