“PLDT has not unearthed fraudulent activities in relation to the capex overrun. It will make the necessary disclosures if this changes in the future,” the telco said in a disclosure to the Philippine Stock Exchange (PSE).
Pangilinan-led PLDT Inc. on Wednesday reiterated that its internal probe on the P48-billion capital expenditure overrun or budget overspend has not uncovered fraud as it cooperates with the inquiries being conducted by capital markets regulators.
The SEC ordered the PSE and the Capital Markets Integrity Corporation to provide initial reports of the trading activities on PLDT Inc. The SEC said the initial reports of the PSE and CMIC would cover the trading activities which resulted in the “sudden and sharp” decline in the share prices of PLDT prior to the official disclosure regarding the “budget overruns.”“As a listed company, PLDT has an obligation to make timely disclosures,” the telco added.
Shares in the company have since fallen by double digits, closing Monday at P1,192.00 apiece or down by P286.00 or 19.35% from last Friday’s finish of P1,478 per share.
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