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Court backs PhilWeb’s Ongpin as restraining order granted against SEC

3rd August 2016 6:44 am GMT
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The Philippines Court of Appeal has issued a temporary restraining order against the Securities and Exchange Commission (SEC), preventing it from barring PhilWeb chairman and CEO Robert Ongpin from the board of any publicly listed company.

The SEC disqualified Ongpin last month for alleged insider trading involving the sale of shares in Philex Mining in December 2009.

He was fined P174m (€3.3m) and ordered to relinquish all his positions as an officer, board member, or any similar function [...]

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