Justice Secretary Jesus Crispin Boying Remulla instructed the National Prosecution Service (NPS) to exhaust all resources allowed by law to punish the officials and certain stockholders of Abra Mining & Industrial Corporation (AR) over the alleged unauthorized and fraudulent trading of shares from 2015 to 2019.

On 03 May 2024, the Securities and Exchange Commission (SEC) filed before the DOJ 441 counts of violations of Republic Act (RA) No. 8799 (Securities Regulation Code) and RA 11232 or the Revised Corporation Code (RCC).

The SEC also asked the DOJ to institute civil and criminal forfeiture, including the accessory penalty of asset preservation against the respondents under RA 9160 or the Anti-Money Laundering Act of 2001.

Based from the information submitted by the SEC, key respondents named were AR President James G. Beloy, Corporate Secretary Ameila G. Beloy, other AR officers, Asian Transfer, Registry Corporation President Arline B. Adeva and other company officers.

The criminal complaint stemmed from discrepancies in the number of AR shares registered with the SEC for public offering, those listed in the Philippine Stock Exchange (PSE) and those lodged with Philippine Depository and Trust Corporation (PDTC).

“Shares or stocks are intangible vital elements of the country’s financial stability which fosters the growth of companies, providing an opportunity to every aspiring businessman to invest and be wealthy in life,” the Secretary said.

“The State recognizes this role of business/corporate shares in our economy, hence, we are very serious in enforcing the laws related thereto in order to assure that economic opportunities in our communities will be fair and advantageous for each and every individual,” Remulla stressed.

The case is yet to be referred to the DOJ -Task Force on Business Scam.