MANILA, Philippines — The Department of Justice (DOJ) has charged Abra Mining & Industrial Corp., along with its directors, officers, transfer agent, and select stockholders, for unauthorized and fraudulent share trading activities dating back a decade.
On Saturday, the Securities and Exchange Commission (SEC) referred to an August 12 DOJ resolution, indicating that state prosecutors had established prima facie evidence with “reasonable certainty of conviction” to indict Abra Mining for breaching the Securities Regulation Code.
The DOJ has also implicated company officials James Beloy, Amelia Beloy, Premy Ann Beloy, and Joel Albert Beloy.
In May 2024, the SEC filed a criminal complaint against the company and its executives for issuing shares exceeding those registered with the commission and listed on the Philippine Stock Exchange.
The SEC’s investigation revealed that these unregistered and unlisted shares were publicly offered through the local stock market upon being lodged with the Philippine Depository and Trust Corp. (PDTC).
The investigation found that Abra Mining had 258.96 billion shares lodged with the PDTC as of February 2021, while its SEC-approved registration only accounted for 95 million shares. The total shares listed on the PSE amounted to 72.95 billion, with trading occurring from 2015 to 2019. Since March 4, 2021, trading of Abra Mining shares has been halted due to the controversial share sale.
Abra Mining alleged that its former president, Jeremias Beloy, and unidentified associates were responsible for the fraudulent registration and listing of shares. The PSE announced last year that it planned to delist Abra Mining, though this action has not yet been completed.