Latest news with #P500
GMA Network
8 hours ago
- Politics
- GMA Network
Sara Duterte's office receives Ombudsman order on confi funds raps
The Office of the Vice President (OVP) on Friday confirmed receipt of the order issued by the Office of the Ombudsman in relation to the alleged misuse of confidential funds by Vice President Sara Duterte and nine other officials. The OVP said it received the order at about 9 a.m. Friday, June 20. The Ombudsman has given Duterte and the other respondents ten days from receipt of the order to file their counter-affidavits "together with the affidavit/s of their witness/es, and other supporting documents." The order, which was issued Thursday, came after the House of Representatives filed a complaint against Duterte and several others for plunder, technical malversation, falsification, use of falsified documents, perjury, bribery, corruption of public officers, betrayal of public trust, and culpable violation of the Constitution, a source told GMA Integrated News. The complaint stemmed from the recommendation of the House Committee on Good Governance and Public Accountability to file charges against Duterte for the alleged misuse of P500 million in confidential funds of the OVP, and P112.5 million in confidential funds of DepEd from 2022 to 2024. Earlier on Friday, the OVP said Duterte would be traveling to Australia for a personal trip and to join a June 22 protest action in Melbourne calling for the release of her father, former President Rodrigo Duterte. Aside from Duterte, the other respondents in the Ombudsman's order are: OVP Atty. Zuleika Lopez, Undersecretary and Chief of Staff Lemuel Ortonio, Assistant Secretary Assistant Chief of Staff Lieutenant Colonel Dennis Nolasco, Vice Presidential Security and Protection Group Colonel Raymund Dante Lachia, Commander, Vice Presidential Security and Protection Group, Philippine Army DepEd Edward Fajarda, Special Disbursing Officer Gina Acosta, Special Disbursing Officer Assistant Secretary Atty. Sunshine Charry Fajarda, Director for Strategic Management Office Retired Maj. Gen. Nolasco Mempin, Undersecretary for Administration Annalyn Sevilla, Undersecretary for Finance Service The House of Representatives impeached Duterte on February 5, with over 200 lawmakers endorsing the complaint. The seven articles of impeachment against Duterte included allegations of malversation of P612.5 million in confidential funds with questionable liquidation documents; and bribery and corruption in the DepEd during her tenure as Education secretary, involving former DepEd officials. The Vice President has denied the allegations. — VDV, GMA Integrated News
The Citizen
8 hours ago
- Business
- The Citizen
PwC investigated over Choppies audit in Botswana
Stock exchange suspension led to 75% drop in market value. Botswana's Accounting Oversight Authority has launched an investigation into PwC for its role in the delayed publication of the 2018 audit of Choppies Enterprises that resulted in the company being suspended on the JSE and Botswana Stock Exchange, resulting in a 75% drop in market value. The Botswana regulator received a complaint from Choppies's legal team and Justice Zein Kebonang, citing two serious allegations of professional misconduct and ethical breaches by PwC and its former lead auditor Rudi Binedell. 'Central to the complaint is the claim that PwC weaponised confidential internal company data – obtained during its audit engagement – to litigate and defend its own interests in a manner that Choppies' legal representatives argue amounts to abuse of trust and professional overreach,' says Choppies in a statement. The regulator will launch a probe to determine whether PwC and Binedell violated their statutory, professional, and ethical obligations. If found culpable, the fallout could lead to penalties and reputational damage for PwC. Read more 'Same story year after year': MPs unhappy as Auditor-General reveals local government audit outcomes Moneyweb reached out to PwC for a response but had not received a reply by the time of publication. The case is currently before the court in Botswana, where Choppies's largest shareholders – Ramachandran Ottapathu and Farouk Ismail – are seeking over R653 million (Pula 610 million) in damages, alleging PwC's delay in signing off on the retailer's 2018 financial statements, ostensibly due to audit concerns, caused the company's share price to collapse. ALSO READ: Eskom reaches R43 million settlement with PwC over controversial contract Sour grapes? Choppies alleges that PwC's then lead auditor Binedell delayed the 2018 audit report because a job he had been offered at Choppies had not materialised. Earlier this year, the Botswana High Court dismissed a counter-application by PwC alleging improper conduct by two judges in previous rulings. Choppies has also challenged the legitimacy of a 2023 high court ruling by Justice Boipuso Makhwe, arguing that it was tainted by judicial misconduct. There were claims that the judgment was secretly authored by Makhwe's colleague, Justice Kebonang, who had previously ruled in favour of Choppies in 2021, awarding the retailer over P500 million (R668 million) in damages. 'In a striking counteroffensive, Justice Kebonang has since filed an affidavit accusing PwC of orchestrating a smear campaign, fabricating claims, and manipulating legal proceedings to escape liability,' says Choppies. 'He maintains he had no involvement in drafting the disputed judgment and has demanded that the judiciary investigate the matter further.' ALSO READ: Secret Steinhoff PwC report to be handed over on Wednesday to some media Vindication in sight? The Botswana regulator previously fined Choppies P100 000 (R133 000) for late disclosure of its 2018 financials. The regulator's attention now appears to have shifted to PwC's conduct in the matter. Choppies says the investigation by the regulator is a step toward reputational redemption, while for PwC it poses a threat to its credibility in the region, given its previous citations in scandals involving Eskom, Steinhoff and SAA. PwC sent the following response Moneyweb: 'PwC Botswana takes client confidentiality seriously. However, there are certain circumstances where we are required to disclose confidential information to legal or regulatory authorities. We have complied with our legal and professional obligations in this regard, and we are cooperating with the regulator in its investigation.' This article was republished from Moneyweb. Read the original here.
GMA Network
12 hours ago
- Politics
- GMA Network
Sara Duterte bound for Australia, to join rally for dad Rodrigo
Vice President Sara Duterte addresses the media in front of the International Criminal Court in The Hague, Netherlands on March 14, 2025. Photo by: Jay-Vee Marasigan Pangan Vice President Sara Duterte will travel to Australia for another personal trip and to join a protest action calling for the release of her father, former President Rodrigo Duterte. According to an advisory Friday from the Office of the Vice President (OVP), her itinerary includes attendance in the "Free Duterte Now" rally on Sunday, June 22, in Melbourne. The elder Duterte is currently detained at the Scheveningen Prison in The Hague, Netherlands over charges of crimes against humanity for the extrajudicial killings during his administration's war on drugs. Last week, the Vice President traveled to Kuala Lumpur for a personal trip with her family. While in Malaysia, she attended a Philippine Independence Day celebration and engaged in a program consultation with overseas Filipino workers. The Vice President is facing an impeachment case for betrayal of public trust, culpable violation of the Constitution, graft and corruption, and other high crimes. She was impeached by the House of Representatives on February 5, with over 200 lawmakers endorsing the complaint against her. After the Senate voted to return her case to the House of Representatives, her impeachment trial is currently expected to begin in the 20th Congress, which will open in July. The Office of the Ombudsman on Thursday directed Sara Duterte and nine others from the OVP and the Department of Education (DepEd) to respond to the charges filed by the House of Representatives in connection with the alleged misuse of confidential funds. The order came after the House filed a complaint against Duterte and several others for plunder, technical malversation, falsification, use of falsified documents, perjury, bribery, corruption of public officers, betrayal of public trust, and culpable violation of the Constitution, a source said. The complaint stemmed from the recommendation of the House Committee on Good Governance and Public Accountability to file charges against Duterte for the alleged misuse of P500 million in confidential funds of the OVP and P112.5 million in confidential funds of DepEd from 2022 to 2024. The Vice President has denied the allegations against her. — VDV, GMA Integrated News
GMA Network
a day ago
- Politics
- GMA Network
Ombudsman directs VP Sara, 9 others to answer confidential funds raps
The Office of the Ombudsman has directed Vice President Sara Duterte and nine others from the Department of Education and Office of the Vice President to respond to the charges filed by the House of Representatives in connection with the alleged misuse of confidential funds. In an order issued on Thursday and furnished to GMA Integrated News, the Ombudsman gave Duterte and the other respondents ten days from receipt of the order to file their counter-affidavits 'together with the affidavit/s of their witness/es, and other supporting documents.' 'Failure to file counter-affidavit within the aforesaid period shall be deemed as a waiver of respondents' right to submit controverting evidence, and the preliminary investigation shall proceed accordingly,' the order said. The Ombudsman said it would not entertain any motion to dismiss or motion for bill of particulars. The order came after the House filed a complaint against Duterte and several others on Monday for plunder, technical malversation, falsification, use of falsified documents, perjury, bribery, corruption of public officers, betrayal of public trust, and culpable violation of the Constitution, a source said. The complaint stemmed from the recommendation of the House Committee on Good Governance and Public Accountability to file charges against Duterte for the alleged misuse of P500 million in confidential funds of the OVP and P112.5 million in confidential funds of DepEd from 2022-2024. Also named respondents were Edward Fajarda, Special Disbursing Officer; Gina Acosta, Special Disbursing Officer; Asst. Secretary Atty. Sunshine Charry Fajarda, Director for Strategic Management Office; retired Maj. Gen. Nolasco Mempin, Undersecretary for Administration; and Annalyn Sevilla, Undersecretary for Finance Service—all from DepEd. Those charged from the OVP were Atty. Zuleika Lopez, Undersecretary and Chief of Staff; Lemuel Ortonio, Asst. Secretary and Asst. Chief of Staff Lt. Col. Dennis Nolasco, Vice Presidential Security and Protection Group; and Col. Raymund Dante Lachia, Commander, Vice Presidential Security and Protection Group, Philippine Army. Duterte's alleged misuse of confidential funds is also one of the issues raised by the House in its impeachment complaint before the Senate. She has denied the allegations. — VBL, GMA Integrated News
Business Insider
2 days ago
- Business
- Business Insider
Stocks are at risk from the Iran-Israel conflict. Here's how quickly the S&P rebounded from the greatest shocks since WWII.
The S&P 500 has shrugged off Israel's conflict with Iran so far, trading only 1% lower as of Tuesday's close. Even if the benchmark stock index does slide, history suggests it will come roaring back. "The escalation in the Middle East brings into focus the playbook for geopolitical shocks and risks, which entails sharp equity selloffs, which is intuitive, but also surprisingly quick recoveries, which is not," Deutsche Bank Research strategists Parag Thatte and Binky Chadha said in a recent note. "The typical pattern is for the S&P 500 to pull back about -6% in 3 weeks but then rally all the way back in another 3," they wrote, attaching a table showing how the index has fared during 32 previous geopolitical events. Jim Reid, Deutsche's global head of macro research, said in a note this week that a stronger market reaction could be sparked by direct US involvement in the clash or targeting of Iran's oil production or shipping infrastructure — or Iran deciding to close the Strait of Hormuz, which accounts for 20% of global daily trade flows. Bouncing back The Deutsche strategists' table offers a fascinating look at how the stock market has reacted to many of the most significant geopolitical events of the past century. The S&P, and the index that preceded its launch in 1957, has only crashed more than 20% following two geopolitical incidents. It fell about 21% after Adolf Hitler's Germany annexed Czechoslovakia in March 1939, and by 26% after the Nazis invaded France in May 1940. The benchmark tumbled more than 15% after the Israel-Arab War broke out in October 1973, prompting an oil embargo that blocked crude exports to the US and other nations, and after the First Gulf War began in August 1990. The S&P tanked by more than 10% on four occasions: North Korea's invasion of South Korea in June 1950, the 9/11 attacks in September 2001, Pearl Harbor in December 1941, and the Iranian hostage crisis in November 1979. Taking the median event, the S&P typically falls by 6% over 17 trading days and then rebounds fully over the next 16 trading days. It tends to rally nearly 15% from its trough over a 12-month period. However, a swift bounceback is not guaranteed. Recovering from the oil crisis of 1973 took 1,475 trading days or nearly six years, per Deutsche's table — with the S&P falling a further 28% from its trough over 12 months. The index also fell 15% from its trough in the year after the Berlin Wall was built in August 1961, and 13% in the year after President Nixon's impeachment proceedings began. At the other extreme, the benchmark soared by about 42% from its trough in the 12 months after the Israel-Hamas conflict began in October 2023. It jumped more than 30% in the year after North Korea invaded South Korea in June 1950, the Iraq War broke out in March 2003, and the Cuban Missile Crisis erupted in October 1962. It's too soon to say whether the Israel-Iran conflict will join the list of most impactful geopolitical events for the S&P. Reviewing historical market reactions may relieve investors as the index tends to recover quickly from these kinds of disruptions, though it's worth remembering the index can fall sharply and stay underwater for years.
