The owner of e-wallet dud SquidPay ranted against the management of Premiere Horizon Alliance after four board members quit, along with two independent directors.
In a tweet, self-styled fintechpreneur Marvin Dela Cruz said: “All independent directors left. Mass resignation. Show their letters! PHA management saan kayo kumukuha ng kapal ng mukha?! You are mocking the true investors – the public!”
Dela Cruz was referring to what he called a “mass resignation” of four of nine directors of PHA – Augusto Serafica Jr. (former president and CEO), George Edwin Sycip, and independent members Felipe Judan and Elizabeth Timbol – who reportedly felt the board was being unduly controlled by the group of PHA treasurer Brandon Leong.
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Dela Cruz, who has the single biggest stake in PHA with a 24.35 percent, has asked the Securities and Exchange Commission to compel PHA to hold a special stockholders’ meeting which has been delayed to March 2023. PHA management has yet to reply to the SEC summon to respond to Dela Cruz’s petition.
Dela Cruz claimed he would take over PHA if its shareholders would be allowed to elect a new board. He is targeting to oust his estranged ally, Leong (who owns 2.5 percent of PHA with his mom, Marian Pena, and sister, Christina Pena Leong) who has reportedly taken control of the board.
“SEC and PSE (Philippine Stock Exchange) please protect the public investors po. Kindly intervene and relieve the public investors of uncertainty. Supervise a special shareholders meeting and audit the PHA. The investing public deserves protection,” Dela Cruz said.
PHA Directors Tito Serafica and Liza Timbol Resigned. 4 directors resigned in less than 2 weeks. All independent directors left. Mass resignation. Show their letters! PHA Management saan kayo kumukuha ng kapal ng mukha?! You are mocking the true investors – the public!
— Marvin Dela Cruz (@thisismarvz) January 17, 2023
SEC and PSE please protect the public investors po. Kindly intervene and relieve the public investors of uncertainty. Supervise a special shareholders meeting and audit the PHA. The investing public deserves protection. @SECPhilippines @PhStockExchange
— Marvin Dela Cruz (@thisismarvz) January 17, 2023