MANILA – The Court of Appeals has restrained the Securities and Exchange Commission from implementing its decision on an insider trading case against businessman Roberto Ongpin.
The court said it issued the 60-day temporary restraining order to prevent “serious damage” on Ongpin, who was fined P174 million and barred from holding positions in listed companies.
Ongpin’s Philweb on Tuesday provided the stock exchange with a copy of the ruling, which was issued on Monday.
“The petition raised substantial issues on what acts are punishable as insider trading as well as the question on prescription of the administrative charge,” the court said.
Ongpin has dismissed the case, which stemmed from his purchase of Philex Mining shares in 2009 as “harassment.”