The Court of Appeals has cleared business tycoon Roberto Ongpin of insider trading raps involving Philex Mining shares in 2009, setting aside a P174-million fine imposed by the Securities and Exchange Commission (SEC).
In a 29-page decision issued on December 1, 2017, the court’s Former Special 13th Division dismissed the administrative charges imposed by the SEC against Ongpin and ruled that the hefty fine had no legal basis.
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