China Bank faces penalty for disclosure violations

By Eileen Mencias

The Philippine Stock Exchange has imposed sanctions on China Banking Corp., owned by the Sy family, for breaching disclosure requirements concerning its directors and principal officers’ transactions.

The PSE announced on February 28 that China Bank violated Section 13.1 of Article VII of its rules, which concerns the disclosure of transactions of the company’s directors and principal officers.

Sec.13.1 requires directors and key officers to report transactions that affect their direct and indirect ownership in the company within five trading days.

The PSE did not disclose the amount of the penalty.

China Bank disclosed that its First Vice President, Clara Cootauco Sy, bought a total of 154,700 shares between January 12 and January 26, raising her holdings to 3.13 million from 2.98 million.

She acquired them at prices ranging from P27 to P28.35 per share. However, the disclosure of these transactions was not made until February 16, according to PSE data.

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