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Committee on Banks, Roilo Golez questions use of CAP trust fund for stocks 19 May 09 #5

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Uploaded by on May 19, 2009

Congressman Roilo Golez, former MBA professor in UP, raises a lot of questions on why the multibillion peso trust fund of CAP was used to buy private shares from Fil-Estate, an affiliated company of CAP. The trust fund allegedly was used to buy Fil-Estate shares at more than P7,000 per share when the par value was only P10. According to Golez, this was a prohibited investment as only publicly traded stocks in the main board of the stock exchange are allowed.

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