The decision of the Securities and Exchange Commission and the Philippine Stock Exchange to greenlight the P10.1 billion initial public offering of Citicore Energy REIT Corp is raising a lot of eyebrows. This could set a bad precedent that can damage the credibility and integrity of the country’s stock market.
Just recently, 15 executives of GMR Megawide Cebu Airport Corporation were ordered arrested in relation to the criminal case filed by the Department of Justice for alleged violation of the Anti-Dummy Law. A similar case was also filed by the Office of the Ombudsman. But what does it have to do with the public listing of the Citicore-REIT? Of the 15 GMR Megawide executives, who were facing charges, three are also board members of the Citicore-REIT, namely Saavedra, Ferrer, Tan, dela Cruz,
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