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The SEC’s Markets and Securities Regulation Department found Abra Mining, owned by the Beloy family, guilty of violating the Securities Regulation Code and the Revised Corporation Code. The SEC found that illegal issuances of shares reached 169.05 billion, covering 474 stock certificates between 2015 to 2019. These illegally issued shares were lodged and traded on the PSE in numerous transactions.
An investigation revealed that the transfer agent had falsely claimed that the shares were not faulty and could be lodged, even though they were aware of the flaws in the issuance of the illegal shares and their obligation to stop their lodgment.