A Staunch Critic's Interesting Remarks on Robredo's Allegedly Impeachable Offense Involving Her SALN

Atty. Glenn Cheng highlighted some parts in Robredo's SALN which he claimed to have alleged offense in connection to Robredo's estimated worth of Meralco Stocks.


The Vice President's critic stated in a Facebook post referring to the article attributed to Prof. Antonio P. Contreras, "I agree with the computation that P95,000 worth of Meralco stocks at P4 per share in the year 2000 would be made up of 23,750 shares. This, 23,750 shares at the current price of P272 per share will be worth P6.46 million."

Cheng, however said that they have to investigate further if Meralco issued a reverse stock split anytime between 1995 and 2007

He explained stock split as a corporate action that increases the number of outstanding shares for a lower price per share.

He continued his point by stating an example:

"I own 100,000 shares priced at P10 per share. After a stock split, I get to own 200,000 shares priced at P5 per share".

He even included on the post the opposite of stock split, namely the reverse stock split which decreases the number of outstanding shares for a higher price per share. His example for this was "I own 100,000 shares prices at P10 per share. After a reverse stock split, I get to own only 50,000 shares but now priced at P20 per share".

The Atty. continued, "A reversed stock split, if it happened, could affect the computation of 23,750 shares owned by Robredo. It is possible that as of 2000, this is correct. But if reverse stock split happened once or more thereafter, it could result in a much lower number of shares in the hands of Robredo and the total valuation will also be affected".

At the end of the post he emphasized that "BE THAT AS IT MAY, REGARDLESS OF THE VALUE, THE FAILURE TO INCLUDE THESE SHARES OF STOCKS IN HER SALN CONSTITUTES IMPEACHABLE OFFENSE UNDER THE CORONA DOCTRINE".

Vice President Leni Robredo, mentioned during a radio interview with Mike Enrique on May 9 that she owned shares at Meralco.

However, according to DLSU professor and member of the 'Impeach Leni Team', Prof. Antonio Contreras, Robredo declared the shares in her SALN but she failed to indicate the volume or value, and the said shares was not included in her assets.

Robredo however, haven't said anything about this issue.

Below is the full Facebook post of Glenn Chong

Source: Gelnn Chong