Metro Manila (CNN Philippines, December 22) — PLDT Inc. on Wednesday reiterated that its investigation found no fraud in its ₱48-billion overspendings, which sparked severe sell-offs of the company’s stock.
“As stated in its disclosure, PLDT has not unearthed fraudulent activities in relation to the CAPEX (capital expenditure) overrun. It will make the necessary disclosures if this changes in the future,” the company said in a statement.
PLDT also said it is cooperating with government regulators’ ongoing inquiry into its CAPEX overrun.
“PLDT has responded to separate requests for clarifications and answers from SEC (Securities and Exchange Commission) and PSE (Philippine Stock Exchange, Inc.), and will continue to respond promptly to any further request,” it said. “The Company is also gathering all the information requested by CMIC (Capital Markets Integrity Corporation).”
Last Friday, Dec. 16, PLDT announced it was probing its budget overrun, prompting the SEC to investigate the trading activities of PLDT after a sell-off reportedly happened before the firm’s disclosure. The SEC also ordered the PSE and the CMIC to provide reports.
“Last Friday’s disclosure was done not one day sooner because PLDT needed time to conduct its investigation of the contracts and expenditures involved as well as to meet its major vendors for reconciliation of outstanding amounts and project status. It also needed to identify and indicate in the disclosure its action plan moving forward,” PLDT said.
PLDT shares finished trading with 5.04% gains on Wednesday.
