Leni Robredo misdeclared MERALCO stocks possibly worth 6 million pesos!

Leni Robredo admitted to Mike Enriquez during a radio interview on May 9 that she owned stocks at Meralco. She also admitted that such had a value of 95k pesos in 1995.

Robredo did not declare the value of these stocks, and while she declared owning stocks, the value of such is not listed in her SALN as an asset.

Now after doing some crowd-sourcing and math, here is what I found out.

I could not get the share prices of Meralco stocks in 1995. What I got thanks to Carlos A Jr Cortes is the value in 2000 which is 4 pesos per share.

Using this, and this is even conservative since the price in 1995 must have been lower than 4 pesos, then Robredo owned at least 23,750 shares of stocks (95k divided by 4).

The current share price of Meralco is 272 pesos per share. If we use this value, then Robredo has at least 6.46 milion pesos (at least 23,750 shares multiplied by 272 pesos per share) of assets which she failed to declare in her SALN.

Using the Corona precedent, this is an impeachable offense.

And this does not even include the fact that she did not divest from Meralco, in violation of Article VII, Section 13 of the 1987 Constitution.

[Above posted by Antonio Contreras on Facebook.]

Here is the transcript of Robredo’s convo with Mike Enriquez.

Several things are clear here:

1.  She admits to having shares in Meralco.
2.  She admits that the value of the shares in 1995 was 95k (22 years ago)
3.  She admits divesting in other business interests but not in Meralco.

Fact is, while Robredo declared the shares in her SALN, SHE DID NOT INDICATE THE VOLUME OR VALUE, and such was not included in her assets.

Hence, she misdeclared in her SALN.

And by the Corona precedent, that is an impeachable offense.

************

ROBREDO: Siguro dahil wala naman talagang basehan. Wala kaming kopya nung impeachment complaint, pero yung nakukuha namin sa balita ay iyong mga sinabi nilang mga basehan. Parang hindi naman ito…hindi naman ito pang-impeachment. Alam ninyo iyong impeachment, dapat siya iyong last recourse, pero iyong mga sinasabi nila, hindi din totoo. Halimbawa iyong reklamo nilang meron akong Meralco shares na hindi dineclare, naka-declare po iyon sa SALN.  

ENRIQUEZ: Share sa Meralco, gaano katagal na kayong meron noon?

ROBREDO: 1995 po.

ENRIQUEZ:  1995.

ROBREDO: 95,000 worth.

ENRIQUEZ: Magkano?

ROBREDO: P95,000.

ENRIQUEZ: Nung 1995, magkano na ngayon iyon?

ROBREDO: Actually, hindi ko alam.

ENRIQUEZ: So mula nung 1995, hindi ninyo binebenta, hindi ninyo—

ROBREDO: Hindi, kaunti lang naman siya. Parang—kung hindi ako nagkakamali, 10 pesos o 100 pesos iyong isang share.

ENRIQUEZ: Ah ganoon.

ROBREDO: Alam ninyo iyong 1995, may mga nagbenta noon doon sa amin, bumili iyong asawa, pero every year, after 1995, naka-declare siya.

ENRIQUEZ: Opo. Bukod po sa mga shares sa Meralco, may iba pa bang korporasyon kung saan kayo may sapi o share?

ROBREDO: Ngayon po, wala na. Dahil nung nag-Congresswoman ako, nag-divest kami. Pero dati kasi may korporasyon iyong pamilya ng asawa ko. Nung public official pa iyong asawa ko, kabahagi ako ng korporasyon, pero nung nag-Congresswoman ako, nag-divest ako.

[Above posted by Antonio Contreras on Facebook.]