SEC asked to probe ABS-CBN execs for alleged 'fund misuse'

MANILA, Philippines — Businessman Federico “Piki” Lopez has asked the Securities and Exchange Commission to investigate top officials of ABS-CBN Corp. over alleged misuse of company funds. In a complaint filed on May 6, Piki sought an audit of the media giant and an independent management committee to halt what he called the company’s “unabated dissipation” of assets. Named respondents were ABS-CBN chair Martin “Mark” Lopez, president Carlo Katigbak and treasurer and chief financial officer Ricardo Tan. Piki alleged that management had allowed “systemic fraud, misrepresentation” and unnecessary spending despite the company’s financial troubles following the loss of its broadcast franchise […]... Keep on reading: SEC asked to probe ABS-CBN execs for alleged 'fund misuse'

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