The ABS-CBN Corporation, a media and entertainment company, has been sanctioned by the Philippine Stock Exchange (PSE).
According to former President Rodrigo Duterte, the ABS-CBN network has tax concerns, which is why their franchise renewal has not been authorized.
To recap, the network effectively shut down on July 10, 2020, cutting off many of workers in the midst of the pandemic.
Some economists are concerned that this will have a chilling impact on the economy.
Many individuals, particularly those from remote places, have lost access to a network that may send them untimely news. The network has the greatest reach and continues to be unequaled to this day.
According to a PhilStar report, the entertainment company violates the aforementioned sections of Article VII of the Exchange’s Consolidated Listing and Disclosure Rules.
- Sec.1 mandates a full, fair, timely, and accurate disclosure of material information from all listed companies.
- Sec. 4.1, on the other hand, requires issuers to disclose to the exchange any material information or corporate act, development, or event, within 10 minutes from the receipt of such information.
- Sec. 4.2 prohibits a listed company to communicate material non-public information to any person unless the issuer is ready to simultaneously disclose the material non-public information to the PSE.
- Sec. 4.3, on the other hand, calls for a disclosure to be made promptly by the issuer,
- such as if the information is necessary to avoid the creation of a false market for its securities, if it may reasonably be expected to materially affect market activity and the price of its securities, or if it is necessary to enable the issuer and the public to appraise their position or standing.
- Sec. 16 requires the listed company to update and correct prior disclosures within 10 minutes after receipt of the updated information or upon determination of the discrepancy, should subsequent events make a prior disclosure inaccurate.
Millions of people were similarly saddened and heartbroken by the closing of Lopez’s broadcasting company.
