MANILA, Philippines — The Department of Justice (DOJ) has indicted Abra Mining & Industrial Corp. and its directors, officers, transfer agent and certain stockholders for unauthorized and fraudulent trading of shares dating back 10 years ago.
In a statement on Saturday, the Securities and Exchange Commission (SEC) cited an Aug. 12 DOJ resolution. This said that state prosecutors had found prima facie evidence “with reasonable certainty of conviction” to charge Abra Mining for violating the Securities Regulation Code.
The DOJ likewise implicated company officers James Beloy, Amelia Beloy, Premy Ann Beloy and Joel Albert Beloy.
READ: Abra Mining officials, agents fined P560M for bogus shares
In May 2024, the SEC filed a criminal complaint against the firm and its officials. This was for issuing shares in excess of those registered with the commission and listed with the Philippine Stock Exchange.
According to the SEC, these unregistered and unlisted shares were offered to the public through the local bourse, upon lodgment with the Philippine Depositary and Trust Corp. (PDTC).
Only for 95 million shares
Based on the SEC’s investigation, Abra Mining had 258.96 billion shares lodged with the PDTC in February 2021. However, its registration statement approved by the SEC only covered 95 million shares.
The number of shares listed with the PSE totaled 72.95 billion shares. The shares were traded from 2015 to 2019.
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Trading of Abra Mining shares have been suspended since March 4, 2021 due to the controversial sale of its shares.
Abra Mining claimed that its former president, Jeremias Beloy, “and unknown cohorts” were behind the fraudulent registration and listing of shares.
The PSE last year said it would soon kick out Abra Mining from its roster, although it has yet to do so. /rwd
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