The Philippine Stock Exchange allowed STI Group chairman Eusebio Tanco to seek re-election as director of the exchange despite money laundering allegations from Senator Antonio Trillanes IV and a pending plunder complaint before the Office of the Ombudsman.
PSE chief operating office Roel Refran in a text message said Tanco was still qualified to be elected as PSE director as ruled by exchange’s nomination and elections committee.
As stated on PSE’s nomination form, a nominee for PSE director must certify that he is not the subject or convicted of a case involving any of 12 listed offenses that could impair his ability to carry out his duties as one of the gatekeepers of the capital markets.
Tanco is one of the 15 directors up for re-election for the local bourse’s annual stockholders meeting slated on May 7.
The PSE, meanwhile, said it found no basis for the exchange to conduct an investigation on Tanco.