Villar made billions in ’07 illegal stock deal–Erap By Charlie V. Manalo and Angie M. Rosales 04/23/2010

Enrile: Manny earned P26B peddling influence with PSE on stocks Villar made billions in ’07 illegal stock deal–Erap By Charlie V. Manalo and Angie M. Rosales 04/23/2010 With less than three weeks to go before the elections, yet another big scandal is rocking the boat of Nacionalista Party standard bearer Sen. Manny Villar as former President Joseph Estrada, together with Senate President Juan Ponce Enrile, bared that Villar, when he was Senate President, earned P26 billion, P5 billion of which he had reportedly earmarked for his presidential campaign, stemming from an alleged irregular transaction in 2007 involving his holding company’s shares. At a press conference held yesterday, Estrada accused Villar of pressuring corporate regulators into allowing him to sell stocks of his listed holding company, in clear violation of stock market rules. This move was made by Villar in 2007 to enable him to raise funds for his planned presidential campaign. Estrada said Villar made P5 billion just like that, because it was an irregular transaction. Estrada’s accusation against Villar was substantiated by documents presented by Enrile as he showed the minutes of the Philippine Stock Exchange (PSE) discussions in 2007 on Villar’s Vista Land and Lifescapes, Inc. Estrada accused Villar of having pressured the PSE officials to allow him to sell his stocks in his listed company holdings.... MORE Source:  The Daily Tribune URL: http://www.tribuneonline.org/headlines/20100423hed1.html

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