FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.
On September 9, 2008, First Holdings filed a Complaint-Affidavit with the Office of the Ombudsman against SEC officials Jesus Enrique Martinez and Hubert Guevara, as well as GSIS officials Winston F. Garcia and Estrella C. Elamparo-Tayag. The Complaint was filed in relation to the Cease and Desist Order (CDO) issued by Martinez during MERALCO’s annual stockholders’ meeting last May 27, 2008 which sought to invalidate the proxies in favor of MERALCO and First Holdings officials. The said CDO was considered void since, among other significant irregularities, it was only signed by Martinez and not by SEC constituting a quorum.
The Complaint also included GSIS’s Garcia and Elamparo-Tayag, who acted with evident bad faith and malice in conspiring with SEC’s Martinez and Guevara.
The Complaint stated that the acts of the respondents caused undue injury to First Holdings, as follows:
1. Their acts sought to give unwarranted benefit, advantage and preference to GSIS getting more seats on the Board of MERALCO during the stockholders’ meeting election;
2. Their acts caused public embarrassment to First Holdings, Meralco and/or its Management, and
3. Their acts significantly brought down the share price of MERALCO in the Philippine Stock Exchange (damaging MERALCO’s stockholders, including First Holdings).
To obtain a copy of the Complaint, please click on the attached file.