PSE clears Tanco in board reelection bid

MANILA, Philippines - Philippine Stock Exchange (PSE) director and STI chairman Eusebio “Yosi” Tanco can seek reelection during the bourse’s annual stockholders meeting today despite corruption allegations hurled against him.

Tanco, along with former Makati City mayor and Vice President Jejomar Binay, University of Makati president Tomas Lopez and STI president Monico Jacob, were accused by Sen. Antonio Trillanes for having committed fraudulent schemes.

PSE president Hans Sicat himself confirmed Tanco was qualified to run after the exchange’s nomination and elections committee looked into the qualifications of candidates seeking reelection.

Roel Refran, chief operating officer of PSE, said the nominations and elections committee evaluates all allegations against any nominee following rules and guidelines approved by the Securities and Exchange Commission (SEC) before making the appropriate ruling.

Based on the acceptance sheet of PSE’s nomination form, a nominee for PSE director must certify that he is not the subject or convicted of a case involving any of 12 listed offenses that could impair his ability to carry out his duties as one of the gatekeepers of the capital markets.

Sicat said the PSE has also cleared Tanco of the allegations raised by Trillanes.

“After a careful consideration of the circumstances, we saw no merit in the allegations,” the PSE president said.

The Star tried but failed to get a comment from Tanco.

Trillanes first raised the issue to the PSE, the Securities and Exchange Commission, the Bureau of Internal Revenue (BIR) and the Anti-Money Laundering Council, seeking an investigation into what he dubbed as the “University of Makati-College of Nursing Scam.”

However, the BIR is conducting its own probe while SEC chairperson Teresita Herbosa said the Commission would investigate matters under its jurisdiction.

Tanco was appointed to the PSE board in 2007. Other directors are Emmanuel Bautista, Anabelle Chua, David Chua, Francis Chua, Dakila Fonacier, Eddie Gobing, Amor Iliscupidez, Edgardo Lacson, Ramon Monzon, Robert Vergara, Ma. Vivian Yuchengco and Alejandro Yu. The board is chaired by Jose Pardo.