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Example research essay topic: Chief Executive Officer Exchange Commission - 1,656 words

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... to Philcom and Philcom Interactive, Ongpin, and key directors of Philcom, namely, Alex Villa mar, Sonia Pamatmat, Almadro Velasco and Romania Calingin (all were charged with breach of their fiduciary duties to Philcom and Philcom Interactive), took advantage of their high corporate positions and knowledge of Philcom Interactive's confidential business plan. "In utter bad faith, and in wanton breach of their duties to both Philcom and Philcom Interactive, stealthily and craftily conceived, implemented and executed their own scheme of treachery and betrayal to appropriate to themselves Philcom Interactive's corporate opportunities and its very own business, " APC said in its complaint to the SEC. Ongpin also allegedly pirated other key personnel from Philcom and Philcom Interactive, established Phil Web and launched an advertising campaign to pre-empt Philcom Interactive's Internet based business. Ongpin, also chairman of Phil Web. Com Inc. , also used the business plan, the marketing plan and strategy and resources, assets of Philcom and Philcom Interactive. The sources said that Ongpin controls Philcom in paper, since seven of the 10 board directors are aligned with him while only Gregorio Yu, president and CEO of Belle Corp. , and Eric Recto, treasurer of Belle, are with the group of Ongpin's Belle nemesis, the Willy Ocier and Tan Guat faction.

Ongpin, Ocier make up by: Rocel C. Felix 5 / 25 / 00 Former Trade Minister Roberto V. Ongpin and businessman Willy Ocier -- feuding parties of Belle Corp. -- have called for a truce and aborted a bloody proxy war for control of the property and gaming firm. In an unexpected move, Ongpin who, along with his deputy Jaime Gonzales, was ousted as chief executive officer of Belle in last year's annual stockholders' meeting, decided to drop his plan to stage a proxy fight to reclaim his post at this year's annual stockholders' meeting on June 23. Instead, Ongpin has apparently reconciled with Willy Ocier, widely believed to have orchestrated the mutiny against Ongpin's camp. In a joint disclosure to the Philippine Stock Exchange, Belle Corp.

and Ongpin's listed internet company, Phil Web. Com Inc. , announced that "the conflict between the companies and certain of their respective directors, has been amicably resolved. "In a recent meeting between senior officials and major shareholders of the two companies, it was agreed that it was now time to put an end to the conflict, as manifested by the numerous legal cases still pending at the courts and the SEC, " the statement read. The two parties apparently heeded calls by concerned stockholder's to drop their dispute and concentrate on saving the firm from further losses. The year-old conflict has resulted in a net loss of about P 3. 29 billion for Belle Corp.

with the Ocier camp putting the blame on Ongpin's poor business judgment. Belle threatens to file criminal raps versus SEC over disbarment case by: Rocel C. Felix 7 / 6 / 00 Belle Corp. is threatening to sue the Securities and Exchange Commission (SEC) if it continues to pressure the property and gaming firm into submitting a full disclosure of an administrative case involving the disbarment case it is pursuing against certain board directors. Belle lawyers invoked the confidentiality rule of the Supreme Court regarding the disbarment and discipline of attorneys. "Clearly, our compliance with your requirement for us to disclose the information required by the Revised Securities Act...

will automatically constitute a violation of the confidentiality rule inasmuch as a mere mention of the filing and pendency of such proceedings is already considered a contemptible act. Considering the consequences of premature disclosures, therefore, the directors involved were understandably perturbed to discover how information relating to the case had been freely, if not irresponsibly, imparted by some parties, " Belle said. The company cited a previous SC ruling which states that all proceedings looking to the suspension and disbarment of lawyers... will be considered confidential in nature until the final disposition of the matter. Belle reminded the SEC that the continuing insistence " (coupled with threats of imposition of penalties), of the Commission's personnel concerned constitute violations of the provisions of the Revised Penal Code, and might constrain us to initiate criminal proceedings to protect our client's interests. " Belle is seeking the disbarment of certain members of its board of directors who happen to be lawyers, the identities of whom it could not be disclose to the public pending the outcome of the case. Feuding Belle officials have already reconciled, but there is a pending case involving the disbarment of a number of board directors.

Last May, Roberto Ongpin and Willy Ocier -- feuding parties of Belle Corp. -- called for a truce and aborted what could have been ahead-on collision for the control of the property and gaming firm. Ongpin, who, along with his deputy Jaime Gonzales, was ousted as chief executive officer of Belle in last year's annual stockholders' meeting, decided to drop his plan to stage a proxy fight to reclaim his post at this year's annual stockholders' meeting held last June 23. Instead, Ongpin, reconciled with Ocier, widely believed to have orchestrated the mutiny against Ongpin's camp. In their joint disclosure statement to the Philippine Stock Exchange, Belle Corp. and Ongpin's listed internet company, Phil Web. Com Inc. , announced that "the conflict between the companies and certain of their respective directors, has been amicably resolved. " Dante Tan fights back by: Rocel Felix 2 / 23 / 00 Dante Tan, the beleaguered majority shareholder of property and gaming firm Best World Resources Corp. , is fighting He is suing the Philippine Stock Exchange and the head of the PSE's compliance and surveillance group, Ruben Almadro, whom the presidential friend said singled him out in the investigation on alleged stock manipulation and insider trading in BW Resources. "One day I will prove to them that the value of the stock is more than P 100.

But give me time, " Tan said at a press conference at the Manila Hotel yesterday. "I must be the lousiest (stock) manipulator or the most stupid manipulator. I sold only when I needed funds... I've been a constant buyer, " he said, in reaction to the PSE report that he deliberately bought and sold his own stock to artificially push up share prices. He also hinted of a syndicate out to let him take the fall in the controversial issue which has triggered a crisis in confidence at the stock market, especially among foreign fund managers. Piqued at the PSE report, Tan accused Almadro of conducting a probe on BW for the single purpose of destroying him, for which reason he decided to take legal action. However, he said he still has to consult his lawyers on the extent of the charges.

Almadro, Tan said, was unwittingly used by his (Tan's) business rivals who were out to get him. Tan claimed there was a syndicate, a group of Chinese businessmen like him, that wants to see him fail. A copy of the PSE's findings was sent to Sen. Raul Roco -- chairman of the Senate committee on banks and financial institutions which is conducting a parallel inquiry on the alleged market fraud -- who disclosed it to the media. Securities and Exchange Commission Chairman Perfecto Yasay had advised Roco to keep the report temporarily under wraps as it was not yet final, but the senator invoked public interest. Tan said Roco's leaking of the report to the media made it "The leaking of PSE report by Roco makes it void, unofficial and can't be used against me in a court of law.

Under the rules of the PSE, it is void, " he said. BW share prices shot up to P 107 last October upon the visit of Macau casino mogul Stanley Ho, who had just bought into the company. The figure was 5, 000 percent higher than it was early in 1999. But after Ho left, the BW stock price went on a tailspin. While Tan refused to name names behind the syndicate allegedly working for his downfall, his spokesman Buy Dacer said it is the breakaway group of another property and gaming firm, Belle Corp. , which also had a hand in the phenomenal rise and fall of BW share prices. Dacer said the group is led by Willy Ocier, Jaime Dichaves and Wilson Sy, all directors of Belle Corp.

who mutinied against the Roberto Ongpin and Jaime Gonzales group. Dacer said Dichaves, an uncle of Ocier, is a close friend of President Estrada. On the other hand, Sy owns Wealth Securities which, according to Tan, traded BW shares heavily from Sept. 27 to Oct. 14, 1999, but was conspicuously absent in the list of brokers held accountable in the PSE Tan said that he hopes to unmask the real market manipulators in due time. "I hope we will be able to come up with the real manipulators... I'm sure it's very hard to find out because these are all professionals, they can hide their identity, " he said. "If I am the manipulator, I should not be holding any shares today. " Yasay said the SEC will be able to issue show-cause orders this Thursday to some individuals named in the PSE report. He said that because the SEC investigation will be more expansive, it will take longer for its prosecution and enforcement department to issue show-cause orders and charge sheets to other individuals, especially those not named in the report but whom the SEC hopes to uncover.

The SEC chief, who is scheduled to step down on March 25, has said he does not want to leave the corporate watchdog while the investigation into the BW mess still ongoing. Minority owner steals show at Belle Corp meet by: Colorado M. Diaz Jr. 8 / 8 / 00 Gaming and property firm Belle Corp. nearly had a repeat of last year's formal tumultuous stockholders meeting -- when a Bibliography:


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