SEC chief to appeal ruling

SEC chief to appeal ruling

MANILA (Reuters): The new chief of the Philippine Securities
and Exchange Commission said on Monday it would appeal this week
against a court injunction blocking broader investigations into
an alleged share price fixing case.

Lilia Bautista told reporters on her first day as SEC
chairperson that the regulatory body was studying ways to
overturn the injunction issued by the Court of Appeals last week
stopping it from further investigations into share price
movements of gaming firm BW Resource Corp.

The injunction stalled the SEC's plan to submit its findings
to the justice department, which contained a recommendation for a
preliminary investigation as a prelude to criminal proceedings.

SEC documents distributed to reporters on Friday said it had
found evidence of share price manipulation by BW's majority
shareholder, Dante Tan, a friend of President Joseph Estrada, and
four other individuals and recommended further investigations
into seven brokerages.