After eight years, Joseph Calata and another senior executive of Calata Corporation are fined a total of P8 million for making false disclosures about a casino venture in Cebu
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In a decision issued on May 28, the Makati City Regional Trial Court Branch 148 found Calata, the chairman, president, and chief executive officer of Calata Corporation, and Jose Marie Fabella guilty beyond a reasonable doubt of two counts of violating Republic Act No. 8799 or the Securities Regulation Code.Calata and Fabella were sentenced to pay P4 million in fines each, or, in the event that they are unable to pay the fines due to insolvency, to serve jail time.
The SEC said that “the August 23, 2016 disclosure contained unfounded promises and exaggerations” and that adding that such statements “are not clearly referred to as mere forecasts and are couched and exaggerated to such extent that the public may be misled in thinking that the project would start its operations in 2020, generate a certain amount of revenue, and entail job opportunities.”
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