Joseph Calata: Positive on Planned Reforms in the Capital Market

The Calata Corporation recently underwent rumors of a probe against the firm due to the stock manipulation of its shares. Early this year, the Calata Corporation reached a market cap of 4 billion pesos with their astounding shares that reached 24 pesos per share. However, within the trade, the shares fluctuated and declined to as low as 32 percent, which caused the allegations of a stock manipulation in the company.

This alarmed the 31-year old CEO and chairman of the corporation, Joseph Calata, who immediately contacted the Securities and Exchange Commission to investigate the weird movements in the firm’s shares. Calata defended his company stating that they are not the ones under investigation but the traders of the company.

After four months of investigation, SEC cleared Calata’s statement that Calata Corp has no involvement in the allegations and in fact was never under investigation. SEC was also able to determine who the stock manipulators were and reportedly imposed fines on several stock brokers.

The SEC probe proved that our decision to seek the help of the regulators was both wise and right.
- Says Calata in an interview.

He also expressed his support for planned reforms in the capital market. He says that reforms are needed in order to protect the reputation of companies listing in the stock exchange and to encourage more entrants into the capital market.

SEC is now in a perfect position to put more reforms in place based on the lessons from the experience of Calata Corp.
- Added Calata.