MANILA, Philippines – The Court of Appeals has given the Pasig City Regional Trial Court the go-signal to proceed with the hearing of the derivative suit that seeks to compel businessman Roberto Ongpin to return P412 million in profits allegedly gained from short-swing transactions using Philex Mining Corp. shares.
The third division of the appellate court upheld the lower court’s decision junking the plea of Ongpin to erase the suit against him. Ongpin claimed the petitioners failed to pay the correct filing fees.
The suit before the trial court was filed on behalf of the late lawyer and Philex minority stockholder Mario Ongkiko, through his daughter and attorney-in-fact Zenaida Ongkiko-Acorda. The Acordas alleged Ongpin made "short-swing" transactions, or those that give a person profits at the expense of the firm.
The appellate court said "no grave abuse of discretion" was made on the part of the lower court.