It was House Minority Leader Bienvenido Abante Jr. who asked if ABS-CBN is willing to buy back its shares if it is proven that the issuance of PDRs is a violation of the requirement of 100 percent ownership and management of mass media companies in the country.Katigbak, meanwhile, explained that when they issued PDRs back in 1999, it was authorized by the SEC.
“With regards to the PDR, our sentiment is that we acted in good faith by going to the SEC to secure approval before offering it to the public. And at that time, the SEC agreed that the instrument was legal,” Katigbak said. “But if the SEC or a court of law, or even Congress wishes to disqualify the use of PDRs equally across the entire media industry, then ABS-CBN will be willing to modify, alter, or comply with the order if so directed,” he added.
Critics claimed that ABS-CBN’s issuance of PDRs to foreign nationals violated the 100 percent Filipino ownership and management of mass media companies in the country., who said that PDRs do not dilute 100 percent Filipino ownership of mass media firms, noting that PDR holders do not enjoy voting rights and full beneficial ownership.
NAMercadoINQ Instead of trying to help the industry to maximize opportunities and outlets for the legal profitability of these institutions govt would consider disqualification of such instruments like PDR's? For what? To justify their bullying actions to ABSCBN?
NAMercadoINQ OK lang pero nagviolate na muna. Klaro yan.
NAMercadoINQ Time to speak up GMA7. Di puro playing safe.
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