Cunanan says he earned only P15.3M not P66.6M 08/29/2010

Cunanan says he earned only P15.3M not P66.6M
08/29/2010
The former chairman of state pension fund Social Security System (SSS) said that the Senate finance committee which is currently investigating excessive compensations given to officials of state-owned corporations released inaccurate figures regarding the bonuses and other perks that he received for the past three years and that he earned a mere P15.3 million windfall and not P66.6 million from the sale of shares.

Thelmo Cunanan wrote Sen. Franklin Drilon, chairman of the Senate body that has been conducting hearings on bonuses and allowances of officials in government-owned and controlled corporations (GOCCs) and government financial institutions (GFIs), said that he used his own money to exercise a stock option offered by Philex Mining Corp. (Philex), in which the SSS owns stakes, from which Cunanan supposedly got an estimated an P85 million windfall. 

At recent hearings, four SSS executives including its former president Romulo Neri were questioned on some P127 million they allegedly pocketed over the past three years, the bulk of which was in the form of stock options in Philex, where these executives represented the SSS.... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/headlines/20100829hed5.html