Jaime Laya quits Calata board


Posted at Dec 13 2012 05:39 PM | Updated as of Dec 14 2012 01:39 AM

MANILA, Philippines - Former Bangko Sentral chief Dr. Jaime Laya has resigned from the board of directors of Calata Corp., a listed company whose shares were involved in a price manipulation scandal.

In a disclosure to the stock exchange, Calata said Laya's resignation was effective on Wednesday (December 12).

"The company expresses its gratitude to Dr. Laya for his invaluable service to the company. The
resignation, however, is not expected to have any material impact on the Company’s current or future
operations or its financial position or results of operation," Calata said.

Laya served as BSP governor from 1981 to 1984. He is also the founder and chairman emeritus of KPMG/Laya Mananghaya & Co.

Shares of Calata were at the center of a price manipulation scandal earlier this year.

Last month, the Securities and Exchange Commission charged 13 indviduals of engaging in questionable trading of Calata shares from May 23 to June 8. Shares of Calata had soared 225.85% from its opening price of P7.35 to a peak of P23.95 on June 4. The sharp increase in its share price raised eyebrows, since Calata did not make any significant disclosures that would have raised its share price.

Calata said its board nominated Salcedo T. Foronda, Sr., a farmer and leader of a farmers' organization in Cagayan Valley, to serve the rest of Laya's term. A native of Baringin Sur, Cauayan City, Isabela, Foronda is a practicing farmer and has served as board member of
numerous farmers’ cooperatives in Isabela.

Calata is the biggest distributor of agrochemicals, feeds, fertilizers and VetMeds in the country.