This is the Filipino CPFB Durai probed. Arroyo also opening her ass for probe. This one is one of her cronies getting it. So PAP must not escape.
http://newsinfo.inquirer.net/breaki...oing-SSS-chief-made-P85M-in-3-yrsSenate-probe
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Outgoing SSS chief made P85M in 3 yrs—Senate probe
By Maila Ager
INQUIRER.net
First Posted 10:29:00 08/24/2010
Filed Under: Graft & Corruption, graft, Governance, Congress
MANILA, Philippines – (UPDATE 2) Outgoing Social Security System (SSS) chairman Thelmo Cunanan has allegedly received over P85 million in three years from a stock option granted to him by a mining corporation, a document submitted to the Senate revealed on Tuesday.
At the joint hearing by the Senate committees on finance and government corporations, Senator Franklin Drilon disclosed that Cunanan made the amount in 2007, 2009 and 2010 for selling the agency's share of stocks from the Philex Mining Corporation.
As SSS representative to the board of directors of Philex, Cunanan enjoyed a stock option from Philex.
Cunanan did not attend the hearing, citing health reasons.
Based on the documents submitted by Philex to the Senate, Drilon said Cunanan earned P1.2 million for selling 495,000 shares of stock in August 2007; P55.2 million in November 2009 for selling 3,140,000 shares; and another P10.1 million in March, 2010 for selling 930,625 shares.
“For the three transactions as a member of the board of Philex representing SSS pension fund, Mr. Cunanan made P66,644,194,” said Drilon.
But Drilon said Cunanan, over the same period, made a “gross amount” from Philex mining another P19.3 million.
“And therefore, from Philex mining Corp., Mr. Cunanan made approximately P85 million. These are all on record and these were never turned over to the SSS,” said the senator.
“This was not turned over to the SSS on the theory as Mr. Neri was saying, this was part of their compensation, I don't know how much taxes was paid here,” said Drilon.
Neri is former SSS president Romulo Neri, who attended the hearing.
Executives of government owned and controlled corporations (GOCCs), who have allegedly received excessive salaries and benefits for the past years, faced the Senate hearing.
Aside from Neri, also in attendance were Subic Bay Metropolitan Authority administrator Armand Arreza, Clark Development Corporation (CDC) president and CEO Benigno Ricafort and its former president, Liberato Laus.
A Commission on Audit report listed Arreza as the top earner among executives of government corporations from 2007 to 2009, while Ricafort and Laus were listed as among the highest paid officials in the country.
Macra Cruz, officer in charge of the Metropolitan Water Works and Sewerage System was also present n the hearing.
http://newsinfo.inquirer.net/breaki...oing-SSS-chief-made-P85M-in-3-yrsSenate-probe
Breaking News / Nation Type Size: (+) (-)
You are here: Home > News > Breaking News > Nation
Outgoing SSS chief made P85M in 3 yrs—Senate probe
By Maila Ager
INQUIRER.net
First Posted 10:29:00 08/24/2010
Filed Under: Graft & Corruption, graft, Governance, Congress
MANILA, Philippines – (UPDATE 2) Outgoing Social Security System (SSS) chairman Thelmo Cunanan has allegedly received over P85 million in three years from a stock option granted to him by a mining corporation, a document submitted to the Senate revealed on Tuesday.
At the joint hearing by the Senate committees on finance and government corporations, Senator Franklin Drilon disclosed that Cunanan made the amount in 2007, 2009 and 2010 for selling the agency's share of stocks from the Philex Mining Corporation.
As SSS representative to the board of directors of Philex, Cunanan enjoyed a stock option from Philex.
Cunanan did not attend the hearing, citing health reasons.
Based on the documents submitted by Philex to the Senate, Drilon said Cunanan earned P1.2 million for selling 495,000 shares of stock in August 2007; P55.2 million in November 2009 for selling 3,140,000 shares; and another P10.1 million in March, 2010 for selling 930,625 shares.
“For the three transactions as a member of the board of Philex representing SSS pension fund, Mr. Cunanan made P66,644,194,” said Drilon.
But Drilon said Cunanan, over the same period, made a “gross amount” from Philex mining another P19.3 million.
“And therefore, from Philex mining Corp., Mr. Cunanan made approximately P85 million. These are all on record and these were never turned over to the SSS,” said the senator.
“This was not turned over to the SSS on the theory as Mr. Neri was saying, this was part of their compensation, I don't know how much taxes was paid here,” said Drilon.
Neri is former SSS president Romulo Neri, who attended the hearing.
Executives of government owned and controlled corporations (GOCCs), who have allegedly received excessive salaries and benefits for the past years, faced the Senate hearing.
Aside from Neri, also in attendance were Subic Bay Metropolitan Authority administrator Armand Arreza, Clark Development Corporation (CDC) president and CEO Benigno Ricafort and its former president, Liberato Laus.
A Commission on Audit report listed Arreza as the top earner among executives of government corporations from 2007 to 2009, while Ricafort and Laus were listed as among the highest paid officials in the country.
Macra Cruz, officer in charge of the Metropolitan Water Works and Sewerage System was also present n the hearing.
