MANILA - Businessman Roberto V. Ongpin said Monday he would ask the Court of Appeals to reverse the Securities and Exchange Commission's decision that found him guilty of insider trading.
The SEC slapped Ongpin with a P174 million fine and effectively barred him from holding positions in listed companies. The case stemmed from his purchase of Philex Mining Corp. shares in 2009.
"I thought that the persecution under the Aquino administration had ended but apparently, the remaining minions of the past administration are still determined to get me," Ongpin said in a statement.
He described the penalties as "cruel and unusual" and noted a "pattern of harassment" under the previous Aquino administration, where six cases have been filed but were eventually dismissed.
Ongpin, CEO of Alphaland Corp. said the SEC case was quashed twice by the Sandiganbayan anti-graft court for lack of merit and did not go to trial.
The transaction was not based on insider information and Ongpin merely negotiated a price with Philex Chairman Manuel Pangilinan, according to the statement.